Wind turbines at the Kenya Electricity Generating Company (KenGen) station in Ngong hills, about 22 km southwest of Kenya’s capital Nairobi, Sept, 11, 2010. The East African region needs 64 billion U. S. dollars to implement joint power generation projects in the next 25 years to increase the region’s installed electricity generation, Tanzanian Prime Minister Mizengo Pinda said on Wednesday. (Xinhua/Zhao Yingquan) Nairobi, Kenya, October 30 – Kenya Electricity Generating Company PLC (KenGen) has posted a 7 percent Profit Before Tax after recording a Ksh.14.76 billion profit up from Shs 13.79 billion profit in its full-year Financial Results for the financial year ended 30 th June 2021.
In a statement, the firm’s Managing Director Rebecca Miano said the profit growth was achieved on the back of continued revenue growth underpinned by the company’s diversification strategy.
“In spite of the challenging times, KenGen remained strong recording a steady performance and demonstrating sound financial position which reaffirms the company’s promise and commitment to continual business growth and maximization of shareholder value,” she said.
In effect, the firm recommended a dividend pay-out Shs.0.30 per share which amounts to Shs 1.98 billion to be paid to all its shareholders.
Overall, there was a growth of 3% in unit sales from 8,237GWh in 2020 to 8,443GWh in 2021. The Company benefited from a full year operation of the 172MW Olkaria V geothermal power plant whose construction was completed in October 2019, resulting in a 12% displacement of thermal generation.
“Revenue increased by 4.06% from Ksh.44.110 billion in 2020 to Ksh.45.901 billion. This was mainly attributed to revenues from geothermal, hydro generation and the diversification venture at Tulu Moye in Ethiopia. The ongoing geothermal drilling services in Tulu Moye contributed Ksh.1.784 billion compared to Ksh.440 million in the previous year,” said the KenGen MD and CEO.
“In year 2021, we were blessed with favourable hydrology. In line with KenGen’s affordability agenda to lower the cost of electricity to the consumers, we prudently prioritised dispatch of competitively priced hydro generation,” Mrs. Miano added.
In the year ahead, KenGen aims to deliver Olkaria I Unit 6 geothermal power plant, which will add 83MW to the national grid by end of December 2021. At the same time, the company aims to progress the milestones towards the commencement of the 140MW Olkaria VI geothermal power plant through a Public-Private Partnership.
Mrs. Miano thanked the Government of Kenya, the close to 200,000 shareholders, KenGen employees, development partners […]