This archive report was first published on 31 October 2021.
Kenya Electricity Generating Company PLC (KenGen) has released its full year financial results for the period ended 30th June 2021, marking a significant milestone in the company's growth trajectory.
According to the financial results, KenGen's pre-tax profit increased by 7% from Ksh 13.79 billion to Ksh 14.76 billion, a testament to the company's efforts to optimize its operations and improve efficiency.
The board of the NSE-listed company has recommended a dividend payout of Ksh 0.30 per share, amounting to Ksh 1.98 billion, to be distributed among its shareholders.
Revenue for the period rose marginally by 4.06% from Ksh 44.1 billion in 2020 to Ksh 45.9 billion, driven primarily by revenues from geothermal and hydro generation.
Notably, the ongoing geothermal drilling services in Ethiopia's Tulu Moye contributed Ksh 1.784 billion to KenGen's revenue, a significant increase from Ksh 440 million in the previous year.
KenGen's OlKaria Update ¶
KenGen's OlKaria power plant has been a key driver of the company's growth, with a 3% increase in unit sales from 8,237 GWh in 2020 to 8,443 GWh in 2021.
The full-year operation of the 172MW Olkaria V geothermal power plant, completed in October 2019, resulted in a 12% displacement of thermal generation, further solidifying KenGen's position as a leading player in the energy sector.
Looking ahead, KenGen targets to complete the Olkaria I Unit 6 geothermal power plant by the end of December 2021, which will add 83MW to the national grid. The company also aims to progress the milestones towards the commencement of the 140MW Olkaria VI geothermal power plant through a Public Private Partnership.
