Kenya Power and Kengen have seen their price gain 49.7% and 31.1% respectively in a single day, hours after delivering stronger than expected results for the year ended June 2024.
- •KPLC was up by 49.71% to close at KES 5.24 with 12.9M shares valued at KES 67.6M.
- •Kengen share price was up 31.11% to close at KES 4.13 trading shares valued at KES 41.7M.
- •The two companies reported their financial results on Monday after markets closed, announcing final dividend payouts – to list among the top 5 best counters at the Nairobi Securities Exchange (NSE) in terms of dividend yields.
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Kenya power has recommended a final dividend of KSh 0.70 per share after 7 years of no dividends with the net profit increasing by a whooping 1042.1% to KSh 30.1 billion compared to the KSh 3.2 billion loss recorded in a similar period in 2023.
Similarly, Kengen has more than doubled its dividend payout to KSh 0.65 per share compared to KSh 0.30 paid out to shareholders in 2023. Kengen reported a 35% jump in profit after tax to KSh 6.8 billion in the year ended June 2024 driven by higher hydroelectric revenues.
The stock rally on Tuesday added more than KSh 3.4 billion to KPLC’s market cap, pushing its total market valuation to KSh 10.2 billion. Kengen on the other hand saw its market value increase by KSh 6.5 billion to KSh 27.2 billion.
KPLC edged higher – touching 2019 highs, closing today’s trading session at KSh 5.24, reflecting a year-to-date gain of 269%. Kengen closed today’s trading session at KSh 4.13 per share, a 105% year to date gain.
KPLC and KenGen recorded trading volumes of 12.9 million and 10.1 million respectively in today’s session.
KPLC has a book value of KSh 44.75 per share while KenGen’s book value per share is KSh42.17. The book closure date for KPLC is 2nd December 2024 to be paid on or about 31st January 2025 upon approval by shareholders.
