NAIROBI, Kenya, Oct 27 – The Kenya Electricity Generating Company (KenGen) has recorded a 48 percent growth in profit after tax to Sh5.02 billion in the period ending June 30, 2023.
The power producer’s net profit improved from Sh3.4 billion that was recorded during a similar period last year.
Likewise, its revenue grew 14 percent to Sh53.96 billion from Sh47.48 billion.
Its Managing Director and CEO, Peter Njenga, linked good performance to the operational efficiency of the company’s geothermal fleet in Olkaria, Naivasha.
“The commissioning of Olkaria I AU 6 geothermal power plant pushed up our geothermal generation by 24 percent. This contributed to an overall increase in electricity unit sales from 7,918GWh in 2022 to 8,027GWh,” said Njenga.
However, KenGen reported an increase in operating costs, which the CEO attributed to rising insurance and impairment costs.
This was, however, matched by growth in revenue, resulting in a pre-tax profit of Sh8.5 billion, which was a substantial improvement from Sh6.2 billion reported in the previous year.
“We are confident that our Good-to-Great Transformation Strategy is on course and will continue to deliver growth over the next decade to ensure a reliable supply of clean and affordable energy to the people of Kenya,” added Njenga.
