Kenya Power announces Ksh.30 billion net profit
The Kenya Power and Lighting Company (KPLC) has recorded a net profit of Ksh30 billion for the financial year ended June 30, 2024
The Kenya Power and Lighting Company (KPLC) has recorded a net profit of Ksh30 billion for the financial year ended June 30, 2024.
Speaking on Tuesday, October 29, during the announcement of the financial results in Nairobi, Energy Principal Secretary Alex Wachira stated that KPLC will for the first time in over seven years issue dividends to its shareholders.
“This year, Kenya Power has returned to profitability after facing numerous challenges in the energy sector and the economy. The company declared a Ksh30 billion profit after tax, a significant achievement given the capital-intensive nature of power and distribution costs.
“Kenya Power will issue a dividend to shareholders for the first time in over seven years, delivering a return on investment to the Kenyan taxpayer. The government is committed to eliminating these challenges in operations and service delivery,” Wachira remarked.
KPLC noted that in the financial year 2023/24, electricity sales increased by 21 percent to Ksh231.12 billion from Ksh190.98 billion in the previous financial year.
The company attributed the increase to improved sales, particularly from 447,251 new customers who were connected to the power grid.
Peter Munya hits out at Raila over the Adani deal
Details of Ruto meeting with CIA Director William Burn at State House Nairobi
TSC announces recruitment of 20,000 teachers; How to apply
Government to recover salaries paid to 2,000 employees with fake certificates; EACC
Why Kenya doesn’t need to hold elections regularly; Senator Cherargei
KPLC further disclosed that financial costs decreased by Ksh24.84 billion, which it attributed to an unrealised foreign exchange gain of Ksh7.88 billion.
“This gain was due to the appreciation of the Kenyan shilling against the US dollar and Euro both of which represent approximately 90 percent of the company’s loan portfolio,” KPLC explained.
The company further intimated that the power purchase cost increased from Ksh143.58 billion in the previous year to Ksh150.61 billion while operating expenses rose from Ksh37.28 billion to Ksh46.28 billion.
“This increase is attributed to a 92 percent rise in wheeling charges for the expanding transmission network and the recruitment of additional technical staff to support business operations. Through careful cost management and zero-based budgeting, we aim to maintain stable margins despite inflationary pressures,” Kenya Power CEO Dr. Joseph Siror stated.
Also read,
Senior Malawi politician accused of plotting to kill President Lazarus Chakwera
Government issues notice on collection of title deeds
Suspect in murder of Wells Fargo HR manager Willis Ayieko arrested
Senator to table evidence on corruption, political influence at Moi University
Bomet engineer linked to Ksh.1.2B theft of county funds escapes EACC officers
Follow us
