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.
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.