in ,

KenGen Announces A Ksh6.8 Billion Profit Before Tax In Six Months

KenGen
[IMAGE/ COURTESY]

Kenya Electricity Generating Company PLC (KenGen) has announced a 9% profit increase in its half-year unaudited financial results for the period ended December 31, 2020. The profit before tax grew from Ksh6.2 billion to Ksh6.8 billion.

Revenue from geothermal operations continued to show a growth trajectory, recording an increase of 14% supported by additional generation capacity from Olkaria V and revenue diversification from an on-going geothermal drilling project in Ethiopia.

“Net revenue increased by 9% from Ksh18.9 billion in December 2019 to Ksh20.5 billion for the period under review, primarily because of Olkaria V and revenue diversification from the Ethiopia drilling project,” KenGen Managing Director and CEO, Rebecca Miano said while announcing the results.

Read: KenGen To Drill Geothermal Wells In Djibouti For Ksh709 Million

KenGen’s energy sales increased by 5% following growth in national electricity consumption which saw peak demand reach 1,976MW in December 2020 compared to 1,882MW during a similar period in 2019.

The NSE-listed company has adopted a diversification strategy which has seen it leverage its expertise in geothermal energy by offering commercial drilling services, geothermal development consulting, and other energy-related services locally and in the Horn of Africa.

Mrs. Miano said the company aims to deliver a new geothermal power plant, Olkaria I Additional Unit 6 later this year which will add about 83MW to the national grid.

Email your news TIPS to news@kahawatungu.com or WhatsApp +254708677607. You can also find us on Telegram through www.t.me/kahawatungu

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Victor Wanyama’s Coach Thierry Henry Resigns

jubilee party, murathe

DP Ruto To Be Evicted From Karen Residence Soon – Murathe Claims