CorporateFinance

KenGen’s Q3 net profit up 61.7% to Ksh.4.7 billion

Kenya Electricity Generating Company PLC (KenGen) net profit grew by 61.7 percent to Ksh.4.7 billion for the year ended September 30, 2022.

The net profit is more than double what the company posted in similar period last year at Ksh.1.8 billion.

The record profit his anchored on business growth at a time when the NSE-listed company commissioned 86MW Olkaria I Unit 6 earning a tax expense reduction, despite prolonged drought which has affected hydropower generation during the period under review.

“KenGen has strong business fundamentals, posting stable results backed by its growth, innovation, and expansion strategy. We look forward to a promising year ahead buoyed by expected increased economic activities,” said KenGen interim Managing Director and Chief Executive Abraham Serem.

<em><strong>KenGen Acting MD CEO Abraham Serem<strong><em>

Revenue grew by 7.5 percent from Ksh.45.7 billion in 2021 to Ksh.49.2 billion, as the company continued to benefit from its investments in geothermal which ensured stable supply despite low generation from hydropower plants due to poor hydrology in most parts of the year.

Under the review period, KenGen generated more than 70 percent of the country’s renewable energy. This came from the company’s total fleet of hydro, geothermal, wind, and thermal, with a combined capacity of 1,904MW which delivered 7,918kWh during the year.

KenGen is currently chatting path to kick start the redevelopment of a forty-year-old 45MW Olkaria I geothermal power plant to give it a new lease of life and boost its capacity to more than 50MW as well as the uprating of Olkaria I Additional Units 4 & 5 and Olkaria IV.

This project seeks to grow the capacity of the two geothermal power stations from the current 280MW to 320MW.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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