BOC Kenya has recorded a 15 per cent growth in profitability for the financial year ending 30 September.

Profit before tax leaped to $4.6m from $4m, while turnover was up by 12 per cent to $15m from $13.7 million the previous year.

Improved profitability was buoyed by growth of manufacturing and construction sectors. An increase of financial allocations in the medical sector also boosted earnings.

"Turnover growth was supported by growth in key sectors of the economy that we service and improved sales from new products that were launched in the 2005 financial year", firmed managing director John Kariuki.

The company returned an after tax profit of $3.1m compared to $2.9m reported in the previous financial year.

The board of directors declared a dividend of Sh83 million or 85 per cent of the issued share capital. The dividend will be paid to shareholders on the register at the close of business on January 19.

The company is currently suspended from trading at the Nairobi Stock Exchange after its planned take-over of Carbacid Investments hit a difficulty.

Capital Markets Authority declined to approve the takeover after Carbacid failed to secure 80 per cent backing from shareholders. However Kariuki is confident that the Carbacid transaction will go through.