Kenya Power has reported an unaudited net loss of Ksh2.98 billion in the financial year ended June 2020, as compared to a net profit of Ksh262 million it posted in the year to June in 2019.
The company reported revenues of Ksh133.18 billion, an 18.45 per cent growth compared to Ksh112.43 billion generated in the year ended June 2019.
Kenya Power, which is the sole distributor of electricity in the country, has been on the downward trend in the past few years as compared to Kenya Electricity Generating Company (KenGen), which has continued to rake in billions in profits mostly from Kenya Power.
Read: Kenya Power Board Members Forced To Resign As Gov’t Sets Up New Board
In the year ended June 2020, KenGen reported Ksh10.5 billion in profit after tax compared to Ksh7.88 billion for the year ended June 2019.
KenGen and Kenya Power will release their audited financial results in December 2020 and January 2021 respectively, following approval by the Capital Markets Authority (CMA).
KenGen had revenues of Ksh46.52 billion in the period under review compared to Ksh45.97 for the financial year ended June 2019.
Kentraco, which is charged with construction and maintenance of high voltage line, reported a loss of Ksh963 million from a revenue of Ksh2.67 billion.
Email your news TIPS to email@example.com or WhatsApp +254708677607. You can also find us on Telegram through www.t.me/kahawatungu