Kenya Electricity Generating Company (KenGen) has posted strong full-year results for the financial year ending June 30, 2024, with after-tax profits rising by 35.5% to KES 6.8 billion.
- This performance has been attributed to a combination of revenue growth and a notable increase in finance income.
- Earnings per share (EPS) for the period rose to KES 1.03 from KES 0.76 in FY23.
- KenGen’s board recommended a first and final dividend of KES 0.65 per share, with the Annual General Meeting (AGM) scheduled for November 28, 2024.
KenGen’s gross revenue for the full year 2024 grew by 4.3% to reach KES 56.3 billion. The increase was largely driven by a 4.4% rise in electricity units dispatched, which rose from 8,027 GWh in FY23 to 8,384 GWh in FY24. Net revenue expanded by 5.3% to KES 48.3 billion.
Finance income saw a 148.8% increase to KES 4.2 billion, offset a modest 2.7% increase in finance costs, which stood at KES 2.8 billion.
KenGen‘s other income declined by 37.7% to KES 1.3 billion. Net forex valuation losses of KES 722 million were recorded, a shift from the gains of KES 428 million posted in 2023.
Operating expenses increased slightly by 1.4% to KES 39.3 billion, with the appreciation of the Kenyan Shilling contributing to lower plant and maintenance costs.
Balance Sheet
KenGen’s total assets decreased by 4.9% to KES 491.3 billion, while total liabilities declined by 12% to KES 213.2 billion.
Cash and cash equivalents rose by 65.6% to KES 25.6 billion, primarily driven by a 53.2% increase in net cash generated from operations, which amounted to KES 35.6 billion.
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