KenGen will pay a dividend totalling to Ksh 1.65 billion to its shareholders, following approval of the board recommendations for a Ksh 0.25 for every ordinary share of Ksh 2.50. Shareholders assented the recommendation during the company’s virtual Annual General Meeting on Tuesday.
Its dividends for 2019, however, were lower compared to those in 2018. In the previous year, the company paid Ksh 0.40 for every ordinary share, translating to Ksh 2.64 billion in dividends.
In the year under review, Kengen signed two multimillion deals in Ethiopia, diversified its business, expanded its energy capacity and unveiled its Community Engagement Strategy. Board chairman Joshua Choge says the company’s capacity expansion projects will ensure the company retains its market leadership.
In the year ended June 2019, the company’s energy sales grew by 3.6% from 7,989 GWh in 2018 to 8,277 GWh despite the dilution of its market share. Its revenue grew by Ksh 0.67 billion to Ksh 45.97 billion in 2019.
KenGen delayed publishing its full-year results for the year ended June 2020 citing delays in the appointment of the Auditor-General. The power generator will publish its full-year results on or before 15th December 2020, to allow the Office of the Auditor-General to complete the Annual Audit for the year.
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