19th December 2018
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Company Data
 
B.O.C Kenya Ltd.
http://www.boc.co.ke/
Par Value:                  5/-
Closing Price:           75.00
Total Shares Issued:          19525446.00
Market Capitalization:        1,464,408,450
EPS:             2.02
PE:                 37.129
 

BOC Kenya Ltd. H1 2018 results through 30th June 2018 vs. 30th June 2017
H1 Revenue 487.130m vs. 515.631m -5.527%
H1 Earnings before finance income and taxes 43.044m vs. 42.551m +1.159%
H1 Net finance income 33.355m vs. 27.780m +20.068%
H1 Exchange gains/ [Losses] 7.961m vs. [9.304m] +185.565%
H1 Profit before tax 84.360m vs. 61.027m +38.234%
H1 Profit for the year 57.301m vs. 42.710m +34.163%
Basic EPS 2.93 vs. 2.19 +33.790%
Interim dividend 2.35 vs. 2.20 +6.818%
Cash and cash equivalents at the end of the period 118.262b vs. 102.173m +15.747%
Total Assets 2.286717b vs. 2.307739b -0.911%
Total Equity 1.645585b vs. 1.728469b -4.795%

BOC Kenya Limited FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Revenue 967.626m vs. 1.076719b -10.132%
FY Earnings before finance income and taxes 29.677m vs. 132.368m -77.580%
FY Net finance income 53.936m vs. 58.314m -7.508%
FY Profit before tax 83.613m vs. 190.682m -56.151%
FY Profit for the year 39.379m vs. 126.323m -68.827%
Basic EPS 2.02 vs. 6.47 -68.779%
Final Dividend 3 a share
Total dividend 5.20 vs. 5.20
Cash and cash equivalents at the end of the year 73.389m vs. 71.417m +2.761%
Total Assets 2.228669b vs. 2.223838b +0.217%
Total Equity 1.611082b vs. 1.689449b -4.639%

Commentary

Revenue for the year at 967.6m was down 10% compared to the previous year due to the loss of a major public sector hospital tender occasioned by the importation of medical oxygen., depressed demand in a constrained credit environment and reduced economic activity in welding and fabrication during the extended period of the national elections.
Profit after tax decreased by 56% due to a once off credit in the prior year following the adoption by the Company of the revised methodology used by Group companies to determine stock obsolescence provisions, increased debtor provisioning due to delayed payments by public sector customers and customers in the sugar industry and the provisioning of disputed tax assessments in one of the subsidiary companies.
Local industrial gases, medical gases and welding products markets face significant pressures from lowcost imported products, wich together with illegal refilling of gas cylinders continue to constrain the company's volume growth initiatives.

Conclusions

counterintuitively, this lower run rate looks like the new normal.

H1 Revenue 515.631m vs. 539.876m -4.491%
H1 Earnings before finance income and taxes 42.551m vs. 75.775m -43.846%
H1 Net finance income 27.780m vs. 24.810m +11.971%
H1 Exchange gains [Losses] [9.304m] vs. [4.368m] -113.004%
H1 Profit before tax 61.027m vs. 96.217m -36.574%
H1 Profit for the year 42.710m vs. 68.116m -37.298%
Basic EPS 2.19 vs. 3.49 -37.249%
Interim dividend 2.20 vs. 2.20
Cash and cash equivalents at the end of the period 102.173m vs. 132.801m -23.063%
Total equity 1.735894b vs. 1.745465b -0.548%

Conclusions

Soft H1 Have paid out 100.45% of H1 EPS as H1 Dividend

FY Revenue 1.076719b vs. 1.186420b -9.246%
FY Earnings before finance income and taxes 132.368m vs. 160.175m -17.360%
FY Net finance income 58.314m vs. 61.546m -5.251%
FY Profit before tax 190.682m vs. 221.721m -13.999%
FY Profit for the year 126.323m vs. 148.600m -14.991%
Basic EPS 6.47 vs. 7.61 -14.980%
Final dividend 3.00 vs. 3.00
Total dividend 5.20 vs. 5.20
Total equity 1.689449b vs. 1.714106b -1.438%
Cash and cash equivalents at the end of the year 71.417m vs. 400.568m -82.171%
Number of outstanding shares 19,525,446

Company Commentary

2016 was a challenging year for the Group.
the landscape in the gases and welding products market is expected to continue being very competitive and the playing field not necessarily even

Conclusions

Soft results. Difficult to see where the rebound is going to come from right now

H1 Revenue 539.876m vs. 556.529m -2.992%
H1 Earnings before income and taxes 75.775m vs. 77.763m -2.556%
H1 Net finance income 24.812m vs. 26.008m -4.599%
H1 Exchange gains [losses] [4.368m] vs. [10.521m] -58.483%
H1 Profit before tax 96.217m vs. 93.250m +3.182%
H1 Profit for the year 68.116m vs. 65.144m +4.562%
EPS 3.49 vs. 3.34 +4.491%
Dividend for the period 2.20 vs. 2.20
Cash and cash equivalents at the end of the period 132.801m vs. 290.130m -54.227%
Total assets 2.298703b vs. 2.231898b +2.993%
Total equity 1.745465b vs. 1.693870b +3.046%

Company Commentary

Revenue was down 3% from prior year due to revenue reductions occasioned by increasing supplies of cheap imported welding products counterfeiting of the Companys gases.
interim Dividend 2.20 a share

Conclusions

Interim Dividend worth 2.716%

FY Revenue 1.186420b vs. 1.296679b -8.503%
FY Earnings before finance income and taxes 160.175m vs. 200.850m -20.251%
FY Net finance income 61.546m vs. 77.134m -20.209%
FY Profit before tax 221.721m vs. 277.984m -20.240%
FY Profit for the year 148.600m vs. 229.625m -35.286%
EPS 7.61 vs. 11.76 -35.289%
Total dividend 5.20 vs. 5.20
Cash cash equivalents at the end of the year 400.568m vs. 478.158m -16.227%
Total equity 1.714106b vs. 1.747188b -1.893%

Company Commentary

Final Dividend 3.00 a share [Total Dividend for the Year 5.20]
Revenue for the FY was 1.186b -8.5% versus previous year due to increased market competitiveness.
Profit before Tax was down 20.2% due to the lower Revenue and exchange losses arising from the depreciation of the local currencies
fuel cost component of electricity costs has been on a downward Trend
A new oxygen filling facility was commissioned in Tanzania during the year

Conclusions

Headline Revenue -8.503% and FX losses [a common refrain].

First Half Earnings through 30th June 2015 versus through 30th June 2014
First Half Earnings before Finance Income and Taxes 556.529m versus 674.982m
First Half Net Finance Income 26.008m versus 33.420m
Exchange Gains[Losses] [10.521m] versus 4.532m
First Half Profit before Tax 93.250m versus 127.391m
First Half Profit after Tax 65.144m versus 85.621m -23.91%
H1 EPS 3.34 versus 4.39 -23.91%
Interim Dividend 2.20 unchanged

Company Commentary

Revenue down 18% from prior year due to cheap imports of Oxygen and nitrogen
Profit after Tax is down 24% due to rationalisation of product pricing to retain market share, exchange losses increased provisioning for bad and doubtful debts

First Half through 30th June 2014 versus through 30th June 2013
First Half Revenue 674.982m versus 629.176m +7.3%
First Half Profit Before Tax 127.391m versus 151.872m -16.1194%
First Half Profit After Tax 85.621m versus 101.255m -15.44%
First Half Earnings Per Share 4.39 versus 5.19 -15.414%
First Half Dividend 2.20 versus 2.60 -15.384%
Cash at the End of the Period 719.882m

Company Commentary

However, profits before Tax were down 16% due to increased electricity costs and a revision of the calculation methodology for stock obsolescence allowances.

Conclusions

In line.

FY 2013 versus FY 2012
FY 2013 Revenue 1.242602b versus 1.294550b -4.00%
FY EBITDA 231.125m versus 230.068m
FY Net Finance Income 77.267m versus 56.624m
FY Profit before Tax 308.392m versus 286.692m +8.00%
FY Profit after Tax 202.636m versus 197.374m
FY EPS 5.20 versus 5.05 +2.97%
FY Dividend of 2.60 a share making that a Total Dividend of 5.20
FY Dividend worth 1.733% of Yield at a Price of 150.00

Conclusions

Looks richly priced on a PE Basis but that might be a mistake.

FY 2012 versus FY 2011
FY Revenue 1.294550b versus 1.205372b +7.39%
Net Finance Income 56.624m versus 25.494m
FY PBT 286.692m versus 214.948m +33.37%
FY PAT 197.374m versus 150.604m +31.054%
FY EPS 10.11 versus 7.71 +31.128%
Interim Dividend 2.00
Final Dividend 3.05 versus 4.80
Total Dividend Pay Out 5.05 versus 6.80

Company Commentary

Citing Strong Sales in Kenya.

Conclusions

Full Year Dividend Pay Out Ratio reduced to 49.95%.
Single Digit PE now.
Not an Unattractive Valuation.

Swot Analysis H1 2012 versus H1 2011
Turnover 647.258m versus 551.761m +17.3%
Profit Before Tax 118.368m versus 75.301m +57.2%
Profit After Tax 82 858m versus 52.711m
Interim Dividend 2.00 shillings a Share
Earnings Per Share 4.24 versus 2.70
Commentary confident about maintaining the Rebound

Swot Analysis 12 months to Dec 2011 versus Dec 2010
Turnover 1.205372b versus 1.155379b +4.3%
Profit Before Tax 214.948m versus 114.685m +87.4%
PAT 150.604m versus 79.337m
EPS 7.71 versus 4.06
Interim Dividend Paid 2.0
Final Proposed Dividend 4.80

Conclusions

That has staunched a Sequence of 3 Declining Years of Profit.

Swot Analysis 12 Months to Dec 2010 versus Dec 2009
Sales 1.155379b versus 1.285373b
Impairment [136.625m] versus [34.5m]
Operating Profit 83.488m versus 198.803m
EPS 4.06 versus 7.88

Conclusions

3 Year slowdown.
EPS 10.26 in 2008 7.88 in 2009 4.06 in 2010
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 18 Dec 2018
 
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  21-JUN-2018 ::  Appointment of Managing Director.
  Appointment of Managing Director.

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  04-JUN-2018 ::  Appointment of a Director.
  Appointment of a Director.

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  17-APR-2018 ::  Full Year Results
  Audited Group Results for the Year Ended 31st December 2017.

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  15-FEB-2018 ::  Public Announcement
  Change to the Board of Directors.

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