Energy producer, Kenya Electricity Generating Company PLC (KenGen) has posted a KES 4.7 billion profit after tax for the full year period ending June 30, 2022, an increase of 157% from KES 1.8 billion posted over the same period last year.
The company attributes the growth to business growth after commissioning its 86MW Olkaria I Unit 6 which earned the listed company a tax expense reduction.
During the period under review, revenue grew by 7.5% from KES 45.7 billion in 2021 to KES 49.2 billion, as the company continued to benefit from its investments in geothermal which ensured stable supply despite low generation from hydropower plants due to poor hydrology in most parts of the year.
Over the period ending June 30, 2022, KenGen generated more than 70% of the country’s renewable energy. This came from the company’s total fleet of hydro, geothermal, wind, and thermal, with a combined capacity of 1,904MW which delivered 7,918kWh during the year.
KenGen Acting Managing Director and CEO, Abraham Serem said the company is keen to explore opportunities in the E-mobility space. This comes after the company announced it is preparing to install over 30 EV charging stations across the country in 2023.
ALSO READ; KenGen To Begin Commercial Roll Out of Electric Vehicle Charging Stations Across Kenya In 2023
