18th August 2017
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Company Data
 
Carbacid Investments Ltd.
http://carbacid.co.ke/
Par Value:                  5/-
Closing Price:           13.30
Total Shares Issued:          254851988.00
Market Capitalization:        3,389,531,440
EPS:             1.47
PE:                 9.048
 

H1 Turnover 322.237m vs. 466.522m -30.928%
H1 Operating profit 179.451m vs. 242.767m -26.081%
H1 Finance income (net) 75.230m vs. 88.534m -15.027%
H1 Revaluation of equity investment [36.371m] vs. [7.521m] -383.593%
H1 Profit before taxation 219.158m vs. 322.569m -32.059%
H1 Net profit after tax 164.368m vs. 238.701m -31.141%
EPS 0.64 vs. 0.94 -31.915%
Total net assets 2.900109b vs. 2.781906b +4.249%
Cash and cash equivalents at 31st January 605.165m vs. 744.089m -18.670%
No interim dividend
Number of shares 254,851,988

Company Commentary
H1 Turnover -31% lower demand in local and export markets
Operating profit decreased by 26%
Pre-tax profits were down 32% yy to KES 219m partly also impacted by 383% increase in loss on revaluation of equity investments in the period.
No interim dividend was proposed.

Conclusions

Need to know what shares they are holding

Carbacid Investments Limited FY 2015 16 Results through 31st July 2016 vs. 31st July 2015
FY Turnover 831.761m vs. 809.719m +2.722%
FY Gross profit 532.806m vs. 533.246m -0.083%
FY Administrative expenses [173.511m] vs. [168.475m] +2.989%
FY Operating profit 359.295m vs. 364.771m -1.501%
FY Finance and other income 219.573m vs. 169.046m +29.889%
FY Fair value [loss] gain on equity investments [31.120m] vs. 14.150m -319.929%
FY Profit before taxation 547.748m vs. 580.467m -5.637%
FY Profit for the year attributable to shareholders 375.568m vs. 393.863m -4.645%
Final dividend 0.70 vs. 0.70
EPS Basic and diluted 1.47 vs. 1.55 -5.161%

Company Commentary

unrealised loss on equity investments of 31m [versus Gain of 14m FY15]
In 2015 there was a gain on revaluation of investment property of 32m
operating profit declined by only 1.5%
Dividend 70cents a share

Conclusions

resilient results especially when you consider they were lapping some FY Gains in FY15

H1 Turnover 242.767m vs. 215.976m +12.405%
H1 Finance income net 88.534m vs. 53.909m
H1 Foreign exchange differences [1.211m] vs. 1.633m +174.158%
H1 Revaluation of equity investments [7.521m] vs. 27.399m
H1 Profit before taxation 322.569m vs. 298.917m +7.913%
H1 Net profit after tax 238.701m vs. 221.200m +7.912%
EPS 0.94 vs. 0.87 +8.046%
Total net assets 2.781906b vs. 2.522150b +10.299%
Balance at 31st January 744.089m vs. 691.095m +7.668%
Interim Dividend

Company Commentary

Turnover for the first 6 months increased +14% due to higher demand in local and export markets.
Revaluation of Equity Investments -7.521m versus +27.399m

FY Turnover 809.719m vs. 826.360m -2.01%
FY Gross profit 533.246m vs. 533.814m -0.11%
FY Administrative expenses [168.475m] vs. [158.601m] +6.23%
FY Finance and other income 169.046m vs. 120.949m +39.77%
FY Fair value gain on equity investment 14.150m vs. 73.600m -80.77%
FY Gain on revaluation on investment property 32.500m vs. 27.500m +18.18%
FY Profit before tax 580.467m vs. 597.262m -2.81%
FY Revaluation deficit, net of deferred tax thereon [FY Total comprehensive income for the year 393.316m vs. 439.592m -10.53%
FY Final dividend proposed per share 0.70 vs. 0.30 +133.33%
EPS 1.55 vs. 1.93 -19.69%

Commentary

The Tax Charge is thus effectively 32% of Profit before Tax [2014 18% of PBT]

Conclusions

Single digit PE.

Local carbon dioxide company.

Full Year Earnings through 31st July 2014 versus through 31st July 2013
Full Year Turnover 826.360m versus 952.836m -10.439%
Full Year Gross Profit 479.664m versus 579.975m -17.295%
FY Administrative expenses [104.451m] versus [119.709m] -12.745%
FY Finance and Other Income 120.949m versus 118.774m
Fair Value Gain on Equity investments 73.600m versus 55.646m
Fair Value Gain on revaluation of investment property 27.5m versus 0
Full Year Profit before Taxation 597.262m versus 634.686m -5.896%
Full Year Profit after Tax 490.641m versus 475.541m +3.175%
Full Year Earnings Per share 1.93
Final Dividend 0.30 a share 0.40 Interim 0.70

H1 Earnings through 31st January 2014 versus 6 months through 31st January 2013
H1 Turnover 473.761m versus 546.713m -13.343%
H1 Cost of Sales [180.436m] versus [222.197m]
H1 Gross Profit 293.325m versus 324.516m .9.611%
H1 Admin Expenses [46.017m] versus [54.315m]
H1 Operating Profit 259.413m versus 282.304m
H1 Finance Income 39.509m 47.968m
H1 PBT 317.787m versus 358.464m -11.3475%
H1 PAT 235.162m versus 264.231m -11.001%
Proposed Dividend per share 0.40 versus 0.60 [restated]
H1 EPS 0.92 versus 1.55 -40.645%

Company Commentary

The Exceptional Demand experienced last year in the southern Africa market for Carbon Dioxide has eased

Conclusions

Softer than I for one expected. Its probably a little richly priced right now.

FY Earnings through 31st July 2013
FY Turnover 952.836m versus 921.753m +3.372%
FY Profit Before Tax 634.686m versus 535.444m +18.534%
FY PAT 475.541m versus 389.287m +22.15%
Final Dividend 3 shillings a share Total FY PayOut 6.00 a share and unchanged
FY Earnings Per Share 13.99 versus 11.46 +22.076%

Company Commentary

Proposing an increase of the Authorised Share Capital to 1,000,000,000
A Bonus of 1 share for every 2 held
A Subdivision of each share of 5 into 5 of 1 each.

Conclusions

Its an inexpensive share on a PE of 10.36.

6 Months through 31st Jan 2013 versus 31st January 2012
Turnover 546.713m versus 473.658m
Operating Profit 282.304m versus 260.597m +8.00%
Finance Income Net 47.968m 23.579m
Revaluation of Equity Investments 27.295m versus [17.379]
H1 PBT 358.464m versus 257.232m +39.00%
H1 PAT 264.231m versus 174.832m +51%
H1 EPS 7.78 versus 5.15
Interim Dividend 3 a share

Company Commentary
Increase in Turnover achieved by improved Sales locally and penetrating export markets

Conclusions

Finance Income and Equity Gains sweetened the H1 Numbers.

FY 2012 Earnings versus FY 2011
Turnover 921.753m versus 576.092m +60.001%
FY Profit Before Tax 535.444m versus 374.210m +43.0865%
FY Profit After Tax 389.287M versus 302.195m +28.819801%
Interim Dividend was 3.00 versus 2.00 +50%
Final Dividend 3.00 versus 3.00 Unchanged
Total Dividend 6.00 versus 5.00 +20%
FY Earnings Per Share 11.46 versus 8.89 +28.90888%

Conclusions

Stronger Year. The Company has not attached a Commentary.

H1 2011 versus H1 2010
Turnover 473.658m versus 290.615m +63%
Profit Before Tax 257.232m versus 191.905m +34%
PAT 174.832m versus 136.905m
EPS 5.15 versus 4.03
Interim Dividend 3 Shillings Per Share

Conclusions

Company citing the Penetration of New Export Markets as having been
the Keny driver.

Swot Analysis FY to July 2011 versus to July 2010
Turnover 576.092m 620.083m
PBT 374.21m versus 438.041m
PAT 302.195m versus 307.392m
Final Dividend 3.00 per share Interim was 2.00.
EPS 8.89 versus 9.05

Full Year to July 2010 versus Full Year to July 2009
Turnover 620.083m versus 552.853m
PAT 307.392m versus 256.377m
Full Year Total Dividend 5.00 versus 10.00 last time
EPS 9.05 versus 7.54 last time

Conclusions

Very similar Earnings to the Year Before. Carbacid

Centum exited their 20% Position in May this Year.
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: 17 Aug 2017
 
Downloads
 
  11-JUL-2017 ::  Changes to the Board of Directors
  Changes to the Board of Directors

Download N.S.E Announcement
   
  29-MAR-2017 ::  HALF YEAR RESULTS
  Un-audited Consolidated Results for the Six Months Ended 31st January 2017.

Download N.S.E Announcement
   
  28-OCT-2016 ::  End of Year Results
  Financial Results for the Year Ended 31st July 2016.

Download N.S.E Announcement
   
 
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