Kengen has announced that it will further delay the release of its full-year financial results for the period that ended on 30th June 2020. In October, Kengen sought permission from the Capital Markets Authority to delay publishing its results from the set deadline of 31st October up to 15th December 2020 to give time to the auditor general to audit the books.
The energy company is now seeking to extend the deadline further to 31st January 2021 to give the auditor general enough time to complete the audit process. Kengen added that it has postponed its 68th Annual General Meeting to a date to be communicated in due course.
Kengen posted a pretax profit of KSh11.65 billion for the year ended 30th June 2019, a slight drop from KSh11.75 billion posted the previous year. It managed to increase its energy sales by 3.6% in the period under review. Kengen is undertaking a major drilling project in Tule Moyo Ethiopia that is expected to boost the firm’s revenues.
The company recently approved a KSh 2.64 billion dividend payout to its investors for the year ended 30th June 2019.
Kengen is not the only state-owned company to delay the release of its full year results in the current financial year, Kenya Power also announced the delay of its year-end results until 31st January 2021 to allow the auditor general to complete the audit process.