KenGen PLC has reported a 20% drop in half-year profit to KSh 4.22bn despite a 9.4% revenue increase to a record KSh 30.09bn.
- •The decline in profit was due to a larger tax bill and sharply higher reimbursable costs, which rose to KSh 5.28bn from KSh 4.14bn as geothermal dispatch expanded.
- •National peak demand hit 2,439MW in December and KenGen lifted its dispatch by 4% to 4,461GWh, led by geothermal plants. Yet the operating gains did not flow through to the bottom line.
- •Operating profit edged up 6.4% to KSh 7.07bn, but profit before tax slipped to KSh 7.59bn from KSh 7.95bn.
The pattern highlights a structural shift in KenGen’s economics. Half-year revenue has quadrupled since its 2006 IPO, rising from KSh 7.25bn in December 2005 to KSh 30.09bn in 2025, driven by geothermal expansion and grid demand. Profitability, however, has been far more volatile. PBT peaked at KSh 8.38bn in 2015 and has largely stalled in the KSh 6–7bn range since then. PAT hit an all-time high of KSh 8.17bn in 2019, collapsed to about KSh 3bn in 2022–2023, rebounded in 2024, and is now sliding again.
Earnings per share declined to KSh 0.64 from KSh 0.80. EPS peaked at KSh 2.58 in 2015, but after the 2016 2-for-1 rights issue expanded the share base, earnings per share have mostly ranged between KSh 0.45 and KSh 0.80 since 2018, including KSh 0.64 in H1 2025.
Cash from operations jumped to KSh 14.00bn from KSh 7.94bn and net operating cash rose to KSh 14.47bn. Most of this was absorbed by capital spending, with investing outflows widening to KSh 11.82bn as KenGen accelerated work on Olkaria rehabilitation, Seven Forks Solar, wellhead plants, battery storage, and the Masinga Dam raise under its G2G 2034 plan.
The balance sheet remained broadly flat. Total assets stood at KSh 505.30bn, equity slipped slightly to KSh 282.85bn, and non-current liabilities eased to KSh 194.76bn.
KenGen again declared no interim dividend.
