Kengen Announces 9% Profit Increase nn Year Ended 31 December 2020

Posted on : Thursday , 13th May 2021

Kenya Electricity Generating Company PLC (KenGen) has announced a 9 per cent profit increase in its half-yearly unaudited financial results for the period ended 31 December 2020.

 

The company's profit before tax grew from Ksh 6.2 billion ($55 million) to Ksh 6.8 billion ($64 million), states a company statement.

 

KenGen co. states that revenue from geothermal operations continued to show a growth trajectory, recording a growth of 14 per cent supported by additional generation capacity from Olkaria V and revenue diversification from an ongoing geothermal drilling project in Ethiopia.

 

"Net revenue increased by 9 per cent from Ksh 8.9 billion in December 2019 to Ksh 20.5 billion for the period under review, primarily because of Olkaria V and revenue diversification from the Ethiopia drilling project," KenGen co. managing director and CEO, Rebecca Miano said while announcing the results.

 

KenGen co"s energy sales increased by 5 per cent following growth in national electricity consumption which saw peak demand reach 1,976 MW in December 2020 compared to 1,882 MW during a similar period in 2019.

 

The NSE listed company has choose a diversification strategy, which has seen it leverage its expertise in geothermal energy by offering commercial drilling services, geothermal development consulting, and other energy related services locally and in the Horn of Africa.

 

Rebecca Miano said the company targets to deliver a new geothermal power plant, Olkaria I Additional Unit 6 later this year, which will add about 83 MW to the national grid.