The Board of Directors of The Kenya Power & Lighting Company Plc has issued a profit warning statement notifying shareholders, potential investors, and the general public about the projected decrease in net earnings for the financial year ending on June 30, 2023. The company anticipates that its earnings will be more than 25% lower than the previous year’s results.
The listed firm said that the primary factors contributing to the anticipated decline in earnings are increased foreign exchange losses due to the ongoing weakening of the Kenyan Shilling against major world currencies, coupled with the partial impact of a 15% reduction in the end-user electricity tariff.
READ; Kenya Power Tariffs Review to Raise Manufacturers’ Cost by 38%-KAM
