Kenya Electricity Generating Company PLC (KenGen) half-year net revenue rose 8.4 per cent to Ksh 24.7 billion for the half year to December 31, 2023.
- •Profit before-tax improved 1.8 per cent growing from Ksh 4.7 billion in 2022 to Ksh 4.8 billion in 2023.
- •Despite this, profit after tax declined by 9.2 per cent from Ksh 3.3 billion in the corresponding period of 2022 to Ksh 2.9 billion in 2023.
- •Electricity demand peaked at 2, 170.56MW on December 19, 2023.
“The operational environment for the aforementioned period was characterized by heavy rainfall that led to an increase in water levels within our hydro dams thus boosting hydro-generation by a remarkable 7 per cent,” said the Managing Director and CEO, Peter Njenga, “This substantial boost in hydro-generation played a key role in mitigating the high fuel costs associated with thermal generation, which saw a commendable dip of 3.5 per cent.”
The company’s operating landscape witnessed a 16.4 per cent increase in operating expenses, influenced by higher plant operating and maintenance costs. Tax expenses surged by 25.7 per cent, from Ksh 1.48 billion in 2022 to Ksh 1.8 billion in 2023, due to an increase in unrealized foreign exchange losses that are disallowable for tax purposes among others.
KenGen maintains a positive outlook, underscoring the escalating national demand for clean electric energy citing noteworthy projects, including the rehabilitation of the Olkaria I geothermal power plant which it says is well on schedule. At the same time, the power generator says its Olkaria uprating project, which aims to increase the combined capacity of two geothermal power plants from 300MW to 340MW, is expected to be complete by December 2026.
KenGen Profit After Tax Rises by 48 per cent – Kenyan Wallstreet
