BOC Kenya Gains Most in 1 Month as Profit Rises: Nairobi Mover
BOC Kenya Ltd., (BOCK) a supplier of industrial and medical gases, gained the most in a month after saying first-half profit climbed 57 percent.
Shares rose 1.8 percent to 112 shillings by 11:15 a.m. in the capital Nairobi, the biggest rally since July 16.
BOC, a unit of Linde AG, said yesterday net income jumped to 82.9 million shillings ($987,000) in the six months ended June 30. The company declared an interim dividend of 2 shillings a share. Growth in profit was due to “an improved economic climate, input cost stability together with the restructuring actions implemented in 2010 and 2011,” BOC said.
“The results were quite good,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd. said in a phone interview today. “Over the last two years they have been doing a bit of re-structuring and they seem to have benefited from it because operating margins improved and costs are under control.”
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