Kenya Electricity Generating Company PLC, (KenGen) has reported a 12.4 per cent decline in Full Year earnings for the period ended June 30th, 2018 to Sh 7.9 Billion compared to Sh 9.0 Billion reported in the same period last year. The decline was as a result of
The company declared a final dividend of Sh 0.40 equivalent to Ksh 2.6 billion in total. Revenue for the period increased by 4.3% to Sh 45.3 Billion with sales from geothermal sales grew by 6.3% to Sh 17 Billion.
“The tax expense for the year was Kshs 3,855 million compared to Kshs 2,455 million for the previous year. The prior year’s tax expense was lower largely due to the effect of tax incentive (investment deduction) granted on commissioning of the new geothermal wellhead plants. Therefore, the profit after tax is Kshs 7,891 million compared to Kshs 9,006 million last year.” the company announced.
KenGen further announced that trade receivables from Kenya Power stood at Sh 21,.8 Billion million as at 30 June 2018, at the time of releasing the results (post balance sheet), Kshs 18,573 million had been received thereby reducing the trade receivables to Kshs 3,310 million.
