Kenya Electricity Generating Company PLC (KenGen) has released its full year Financial Results for the financial year ended 30th June 2021 reporting a 7% Profit Before Tax increase from Ksh. 13.79 billion to Ksh.14.76 billion.
The board of the NSE-listed company recommended a dividend pay-out Ksh.0.30 per share which amounts to Ksh. 1.98 billion to be paid to all its shareholders
Revenue for the period rose marginally by 4.06% from Ksh.44.1 billion in 2020 to Ksh. 45.9 billion driven by revenues from geothermal, hydro generation.
According to KenGen’s MD and CEO Rebecca Miano, the ongoing geothermal drilling services in Ethiopia’s Tulu Moye contributed Ksh 1.784 billion compared to Ksh.440 million in the previous year.
KenGen’s OlKaria Update
Further, there was a growth of 3% in unit sales from 8,237GWh in 2020 to 8,443GWh in 2021 as the firm 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.
In the year ahead, KenGen targets to complete 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.
