National electric utility firm, Kenya Power & Lightening Company (KPLC) has released its financial results for the six month period ended December 2017.
The company’s net profits declined by 30.2% to Sh 2.9 Billion compared to Sh 4.2 Billion recorded in the same period in the previous year. Profit before tax declined by 19% to Sh 4.6 Billion. The company said the drop was as a result of the economic slowdown and an increase in the financing cost. Finance costs increased by 43% to Sh 3.2 Billion due to the utilisation of short term facilities.
Total revenue increased by 14.8% to Sh 67 Billion while electricity sales increased by 2.3% to 3,893 GWh from 3,805 GWh. Non-fuel revenue grew by 2.5% Sh 46.9 Billion.
Total operating costs increased by 17.4% to Sh 59 Billion mainly attributed to a 98% increase in fuel costs due to an increased usage of thermal generation as a result of poor hydrology.
No interim dividend recommended by the board.
