Kenya Power has announced that its profit after tax fell by 92 per cent from Ksh3.27 billion to Ksh262 million for the year ending June 2019.
The slump was attributed to the rise in non-fuel power purchase costs from Ksh52.795 billion to Ksh70.878 billion.
Profit before tax for the period under review was Ksh334 million as compared to Ksh4.968 billion recorded in a similar period the previous year.
This is despite a growth in revenue by Ksh16.994 billion from Ksh95.435 billion in the previous year to Ksh112.429 billion in the year ending June 2019.
The cost of fuel decreased by 22.5 per cent to Ksh18.289 billion from Ksh23.591 billion the previous year.
Transmission and distribution costs dropped by 7.8 per cent from Ksh44.541 billion in the previous year, to Ksh41.045 billion.
Financial income increased from Ksh100 million to Ksh118 million while financial costs jumped by 46.4 per cent from Ksh7.048 billion to Ksh10.315 billion.