– In June, KPLC said it expected its full year earnings to drop by 25% due to the impact of COVID-19 on its sales, which led to drop of industrial and commercial power demand
– The company’s net profits were expected to decrease from the KSh 262 million it posted in 2019 to KSh 196 million or lower
– The company’s profits would be the lowest since it returned to profitability in 2004
Five Kenya Power board directors have resigned after the company’s profit dropped by 92%.
The directors who left the electricity firm to pursue other careers were Adil Khawaja, Kairo Thuo, Wilson Kimutai Mugung’ei, Brenda Kokoi and former Nandi woman rep Zipporah Kering. Kenya Power and Lighting Company staff at work. Photo: KPLC. Source: Facebook K enya Power board of directors made the announcement in a notice on Tuesday, July 14. "The board of directors of the Kenya Power and Lighting Company PLC hereby announces the resignation of Adil Khawaja, Kairo Thuo, Wilson Kimutai Mugung’ei, Brenda Kokoi and Hon. Zipporah Kering as Independent directors. The company would like to sincerely thank the directors for their commitment and dedicated service, and wishes them the best in their future endeavors," part of the notice read. READ ALSO: Chelsea vs Norwich City: Giroud’s lone goal powers Blues to victory
In June, KPLC said it expected its full year earnings to drop by 25% due to the impact of COVID-19 on its sales which led to drop of industrial and commercial power demand.
In this, the company’s net profits would be expected to drop below the KSh 262 million it posted in 2019 to KSh 196 million or lower. In 2018, the electricity distributor’s net profit was a high of KSh 3.27 billion.
The company’s profits would be the lowest since it returned to profitability in 2004. “The coronavirus pandemic has adversely affected our business operations leading to slow growth in electricity sales and an increase in financing costs resulting in reduced earnings,” company secretary Imelda Bore said in a notice. The industrial sector accounts for about 70% of the company’s unit sales.
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