KenGen has posted a Ksh2.95 billion Profit After Tax (PAT) for the half-year period ended 31st December 2023.
This is a nine per cent drop compared to Ksh3.25 billion recorded in a similar period the previous year.
Revenue grew eight per cent to Ksh28.5 billion from Ksh22.9 billion posted in a similar period to the previous period.
Operating profit shrank nine per cent to Ksh4.4 billion from Ksh4.89 billion in H2 2022 weighed by a 16.4 per cent increase in operating expenses to Ksh10.1 billion from Ksh8.6 billion for the six months ended 31st December 2023.
“The increase is attributable to higher plant operating and maintenance costs as impacted by the depreciation of the Kenya Shilling,” stated KenGen.
“Overall, our electricity units generated improved by 0.3% from 4,200 GWhs in the period ending 31st December 2022 to 4,211 GWhs for six months ended 31st December 2023. National electricity demand continues to steadily grow and reached a peak of 2,170.56MW recorded on December 19, 2023,” it added.
Tax expense increased to Ksh1.87 billion from Ksh1.48 billion for the six months to 31st December 2023 due to an increase in unrealized foreign exchange losses due to the weakening of the local currency against the greenback.
“We maintain a positive outlook as the national demand for clean electric energy continues to rise. Our commitment to providing reliable, competitively priced energy that drives Kenya’s economic prosperity hinged on the Bottom-up Economic Transformation Agenda (BETA) while reducing greenhouse gas emissions remains unwavering,” added KenGen.
The Board of KenGen has not recommended an interim dividend for the period.