Kenyan energy producer , KenGen , has announce a Ksh.13.9 billion earnings before taxation for the financial class ended June 2020 . This read to 8.3 % emergence in profit from the previous financial year where the company announced Ksh 11.6 billion profit before taxation .
The step-up was chiefly ascribe to the additional revenue contribution by the 165MW Olkaria V geothermic power plant and proceed from the on-going geothermal boring project in Ethiopia .
“ We report a 13.4 % growth in electricity revenue , mainly due to the full operationalization of the 165MW Olkaria V geothermal exponent works in November 2019 , which boost geothermal output by 14 % , ” the Managing Director & CEO , Mrs. Rebecca Miano , said .
therefore , the board has recommended a first and terminal dividend for the twelvemonth of Ksh.0.30 per ordinary share of Ksh.2.50 . This will be submit during the fellowship ’s upcoming annual universal meeting ( AGM ) for approval . Recently , the company made a dividend payout of Kshs 1.65 billion to its shareowner .
At the same time , KenGen ’s profits after tax improved from Ksh.7.88 billion to Ksh.18.4 billion , an growth that the ship’s company impute to a Kshs 8.1 billion reducing in corporate tax charge per unit from 30 % to 25 % as per the government ’s relief measures to support companies voyage through the COVID-19 crisis . “ We value the livelihood provided by the Government during this unprecedented meter to enable us to retain provide electrical energy as an essential military service , ” Rebecca says .
She further indicated that in as much as the country ’s hydrological conditions were favorable with dams recording full content , hydropower output declined by 2 % following constrained demand associate with the effects of COVID-19 pandemic on electrical energy consumption .
Mrs. Miano state that in reception to the pandemic , KenGen continued to follow out business continuity measure to minimize the impact of the pandemic on operations to ensure continued coevals of electrical energy .
During the year stop June 2020 , KenGen ’s operating expenses were at Ksh.14 billion compared to Ksh.13.9 billion in the previous twelvemonth . “ We keep to optimise operating price by leverage on digital translation , ” Mrs. Miano tally .
Mrs. Miano said the company would also continue put through its Corporate Strategy to ensure sustainable power growth in the area , while leveraging on conception and partnerships for continued business growing and variegation .
“ In the year in advance , we aim to deliver Olkaria I Unit 6 geothermal power plant , which will add 83.3MW to the internal grid , and go on with our variegation strategy focusing on consultancies , operations and sustentation services , preparation , and the operationalization of cloth testing lab and electronic pawn standardisation center , ” the CEO say .
For more information : KenGenwww.kengen.co.ke
