Announcement June 2020 - tcm387-605455
Announcement June 2020 - tcm387-605455
Announcement June 2020 - tcm387-605455
The Directors of BOC Kenya Plc are pleased to announce the unaudited Group results for the six-month period ended 30 June 2020
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Non-current liabilities 7,441
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Overview:
Revenue, for the six-month period ended 30 June 2020, at Kshs.443 million was down 10.6% compared to the same period of 2019.
This decline has primarily been as a result of Government Covid-19 containment measures and their corresponding impact on the
economy, especially in the months of April 2020 to June 2020. Other factors include the inability to supply certain private and public
sector customers with long overdue debts as well as continued loss of cylinders due to illegal filling activities.
Profit after tax for the period is down 28% because of the decrease in revenue, changes in sales mix and costs that are relatively fixed
in the short term.
The financial statements have been prepared based on the same accounting policies as the previous audited accounts.
Outlook:
The Company has adopted reliable countermeasures to ensure safety of its various stakeholders to ensure business continuity in the
face of the pandemic.
Following the lifting and/or easing by Government of the containment measures impacting various industries, the business is expected
to recover from the impacts of the first half of this year.
The Board therefore anticipates improved results in the second half of the year mainly driven by the healthcare sector, which has been
stable, and whose trajectory for the second half of the year is expected to be positive. In particular, the Company expects to provide
several healthcare institutions with engineering services for medical pipeline installations as the institutions seek to ensure enough
capacity considering Covid-19.
Dividend:
The Board of directors is not declaring an interim dividend for the six-month period ended 30 June 2020 (2019, Kshs. 2.35).
RUTH NGOBI
COMPANY SECRETARY
BOC KENYA PLC
27 August 2020
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