Kenya Power shares have retreated sharply after a record rally, closing October 15 at KSh 12.15, a 19.8 % dip since the release of FY2025 results on October 7.
- •The correction follows an 18.7 % profit decline and renewed scrutiny over tariffs and foreign-exchange exposure.
- •Despite the pullback, KPLC remains the fourth-best performing stock on the NSE this year, up 153 % year-to-date, and leads all listed companies with a 755.6 % gain since the start of 2024.
- •At a KSh 23.7 billion market value against KSh 24.5 billion in profit, KPLC remains undervalued by multiples but weighed down by policy and tariff uncertainty.
The audited results showed profit after tax of KSh 24.47 billion, down 18.7 % from KSh 30.08 billion a year earlier. Revenue declined 5.1 % to KSh 219.29 billion as lower tariffs and reduced foreign-exchange recoveries cut earnings. Finance costs reversed to a KSh 4.72 billion loss from a KSh 683 million gain the previous year after the stronger shilling erased prior unrealised gains.
The board proposed a final dividend of KSh 0.80 per share, on top of a KSh 0.20 interim payout, raising total dividends 42.9 % to KSh 1.00. Books close December 2 for payment around January 30 2026.
Market Repricing and Analyst View
KPLC’s one-week performance stands at -14.7 %, -15.9 % over four weeks, and +13.6 % over three months. The stock remains up 91 % in six months and 250 % over twelve months. As of October 15, Kenya Power has 1.95 billion shares outstanding and a market capitalization of KSh 23.7 billion.
Faida Investment Bank advised clients to take profit near KSh 14.40, citing weaker revenue dynamics and regulatory uncertainty. Cytonn Investments noted the improved balance sheet and dividend strength but warned that tariff adjustments and FX volatility could constrain profitability.
Retail and independent analysts such as @NSE_Investors, @kahome_steve, and @Sober019 remain bullish, pointing to a P/E near 2 and dividend yield above 7 %.
Cautious voices including @mytradesignals and @BillowKerrow stress high working-capital deficits and policy risk.
The next quarter will show whether this pullback marks consolidation or a shift in sentiment after one of the strongest rallies in NSE history.
