NAIROBI, Kenya – Kenya Electricity Generating Company (KenGen) has reported a substantial 35% rise in net profit for the fiscal year ending June 2024, a surge attributed to increased revenue from its geothermal and hydroelectric power generation.
The state-owned power generator’s net profit reached Ksh6.8 billion, up from Ksh5 billion in the previous year, reaffirming KenGen’s role in advancing Kenya’s transition to green energy.
In the financial period, the company reported an operating profit of Ksh9.6 billion, bolstered by a remarkable 147% jump in finance income, which climbed to Ksh4.2 billion, nearly threefold compared to the Ksh1.7 billion recorded in 2023.
“This impressive growth not only strengthens our financial position but also signals greater returns for shareholders now and in the future, while enhancing our ability to invest in critical renewable energy projects providing more affordable, reliable electricity for our consumers,” said KenGen CEO Peter Njenga.
KenGen’s performance was further reflected in its energy output, with the company dispatching 8,384 GWh of electricity, up from 8,027 GWh the previous year.
This output increase came amid challenging weather conditions and inflationary pressures affecting businesses nationwide.
The company’s geothermal and hydroelectric power plants were essential to Kenya’s ability to meet a peak demand of 2,149 MW during the review period.
Through cost management and efficiency initiatives, KenGen maintained stable operations, holding its operating profit at Ksh9.6 billion despite a challenging macroeconomic climate marked by high inflation and volatile foreign exchange rates.
CEO Njenga emphasized KenGen’s resilience in the face of these pressures: “Despite the harsh global macroeconomic challenges, we instilled financial discipline and prudent cost management measures in our operations, flattening operational costs.”
KenGen’s success reflects positively on its stock, with shares on the Nairobi Securities Exchange closing at Ksh4.13, marking a 31.1% gain.
The state-owned power generator’s net profit reached Ksh6.8 billion, up from Ksh5 billion in the previous year, reaffirming KenGen’s role in advancing Kenya’s transition to green energy.
In the financial period, the company reported an operating profit of Ksh9.6 billion, bolstered by a remarkable 147% jump in finance income, which climbed to Ksh4.2 billion, nearly threefold compared to the Ksh1.7 billion recorded in 2023.
“This impressive growth not only strengthens our financial position but also signals greater returns for shareholders now and in the future, while enhancing our ability to invest in critical renewable energy projects providing more affordable, reliable electricity for our consumers,” said KenGen CEO Peter Njenga.
KenGen’s performance was further reflected in its energy output, with the company dispatching 8,384 GWh of electricity, up from 8,027 GWh the previous year.
This output increase came amid challenging weather conditions and inflationary pressures affecting businesses nationwide.
The company’s geothermal and hydroelectric power plants were essential to Kenya’s ability to meet a peak demand of 2,149 MW during the review period.
Through cost management and efficiency initiatives, KenGen maintained stable operations, holding its operating profit at Ksh9.6 billion despite a challenging macroeconomic climate marked by high inflation and volatile foreign exchange rates.
CEO Njenga emphasized KenGen’s resilience in the face of these pressures: “Despite the harsh global macroeconomic challenges, we instilled financial discipline and prudent cost management measures in our operations, flattening operational costs.”
KenGen’s success reflects positively on its stock, with shares on the Nairobi Securities Exchange closing at Ksh4.13, marking a 31.1% gain.
