KENYA · COMPANIES
Key Facts
- The shift Export sales fell 6% to about US$10.8 million; sales inside Kenya rose 17%.
- The mix Exports now make up 66% of turnover, down from 71% a year earlier.
- The cause Carbacid, a Kenyan carbon dioxide producer, says rival regional gas sources and pricing held revenue back.
- The result Turnover rose only 0.6% to about US$16.3 million, though gas volumes grew 10%.
- The margin Gross margin held at 64% even though diesel costs rose over 20%.
Carbacid Investments, a Kenyan company that sells carbon dioxide gas to drinks makers and other industries, sold less abroad last year and more at home. Its export sales fell 6% to KSh1.40 billion, in Kenyan shillings (about US$10.8 million) in the year to 31 July 2026, while sales inside Kenya jumped 17%.
That cuts against the idea that the company is racing ahead overseas. For US investors who buy frontier-market stocks, it shows how a quiet industrial firm in Nairobi is being squeezed by new regional rivals, even while it ships about 10% more gas.
What the Accounts Show
Carbacid published audited results for the year ended 31 July 2026 on its website and on the Nairobi Securities Exchange (NSE), Kenya’s main stock market. Turnover edged up 0.6% to KSh2.11 billion (about US$16.3 million).
Inside that total, export sales fell from KSh1.49 billion (about US$11.4 million) to KSh1.40 billion (about US$10.8 million). Domestic sales rose from KSh613 million (about US$4.7 million) to KSh715 million (about US$5.5 million).
Exports therefore supplied 66% of turnover, against 71% a year earlier. All conversions here use about 129.9 shillings per US dollar (RT, a market-data provider, 12 November 2026), and figures are rounded.
Why More Gas Brought Little More Money
The board says volumes grew about 10%, helped by new customers and larger orders from existing ones in East and Southern Africa. It adds that revenue stayed almost flat because of what it calls competitive pricing and market mix.
Its annual report also describes a significant increase in competition from alternative carbon dioxide sources in the region. The company does not name those rivals.
Sales of the gas itself rose 10.5% to KSh1.45 billion (about US$11.2 million). Transport revenue, which Carbacid earns for delivering the gas, fell 15.9% to KSh661 million (about US$5.1 million).
Costs, Margins and Solar Power
Carbacid says geopolitical tensions in the Middle East pushed up energy prices and raised the cost of diesel by more than 20%. Even so, gross margin, the share of sales left after direct costs, held at 64%.
The company credits some price increases passed on to customers, tight cost control and its own solar plants. A 750 kWp (kilowatt-peak) solar plant opened in August 2025, next to an existing 850 kWp one, and more panels and a battery system are planned for 2026-27.
Our earlier reports cover the profit and dividend and the solar expansion in detail.
What It Means for You
If you hold East African stocks through a frontier-market fund, this report is a reminder that volume growth does not guarantee revenue growth. A company can sell more and still earn about the same when rivals cut prices.
Oil also reaches this small gas maker: when Middle East tension lifts diesel prices, delivery costs rise in Nairobi too. This explains the figures and is not a recommendation to buy or sell.
What Is Not Known
Carbacid does not say how its volume growth divides between Kenya and its export markets. It also does not name its competitors, give prices, or say which countries took less gas.
The company also warns that new local and regional compliance rules may raise costs and change market access. Its next results will show whether export sales recover.
More: Kenya news in English, every day from The Rio Times.
Frequently Asked Questions
Did Carbacid Increase Its Exports?
No, export sales fell about 6% to KSh1.40 billion (about US$10.8 million) in the year to 31 July 2026. Domestic sales rose 17% to KSh715 million (about US$5.5 million).
Why Did Carbacid Revenue Barely Grow?
The company cites competitive pricing and a shifting market mix. It reports more competition from alternative regional carbon dioxide sources, despite about 10% higher volumes.
What Does Carbacid Sell?
It produces food-grade carbon dioxide gas, which it supplies to customers in East and Southern Africa. It also earns revenue from delivering the gas.
Was Profit Affected by Higher Fuel Costs?
The company says diesel costs rose over 20%, yet gross margin held at 64%. It credits price pass-through, cost control and solar power.
Sources: Carbacid Investments plc, 2026 Annual Report and Financial Statements; Audited Group Results for the year ended 31 July 2026; RT, USD/KES exchange rate, 12 November 2026.
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