•They will publish their results between December and January next year, a move approved by the Capital Markets Authority.
•The two firms are among close to 150 state corporations facing delays in the signing off of their financial audit and results. Kenya Power and Kenya Electricity Generating Company (KenGen) have announced they will delay releasing their financial results for the year ended June 30, amid expected profit drops in wake of Covid-19.
The two listed companies are required to publish their financial statements by October 31, as required by the Capital Markets-securities, public offers, listing and disclosure regulations.
However, Kenya Power now says it will publish its audited full-year results on or before end of January next year, following an extension granted by the Capital Markets Authority (CMA).
The regulator has also granted approval to delay publication of KenGen’s financials for a period up to December 15, 2020.
Kenya Power Company Secretary Imelda Bore said in a notice, on Friday, that the delay in publishing the financial statements has been occasioned by the “delayed appointment of the Auditor-General and subsequently the delegated auditors.”
“Consequently, the audited financial statements will now be published on or before January 31, 2021,” Bore said.
KenGen Company Secretary and Legal Affairs Director, Paul Ndungi, on the other hand said the extension would allow the office of the Auditor-General to complete the annual audit for the year ended June 30, 2020.
In addition, KenGen will not be in a position to convene the company’s 68th Annual General Meeting for the year ended June 30, 2020 by December 31, 2020 as required by the Companies Act, Ndungi noted.
“The Annual General Meeting for the year ended 30th June 2020 will be postponed to a date to be communicated in due course,” he said in a notice through the Nairobi Securities Exchange (NSE).
Instead, the company will hold its AGM for the year ended June 30, 2019 next week (November 3).The two firms are among close to 150 state corporations that faced delays in the signing off of their financial audit and results, following a vacuum in the auditor general’s office between August last year and June this year.President Uhuru Kenyatta’s nominee-Janet Gathungu took over the office in July, almost one year since her predecessor Edward Ouko left in August 2019, after completing his eight-year term.Last month, KenGen announced dividend payout for the year ended June 30, 2019 which had dropped 37.5 per cent from the previous […]