Shareholders of Kenya Power will be smiling to the bank after the national power utility firm announced that it will pay its first interim dividend since 2015. Kenya Power made this announcement when it released its half year financial results in which its net profit grew from Sh. 319 million to Sh. 9.7 billion.
Following this performance, Kenya Power announced that it will pay an interim dividend of Sh. 0.20 per share. With this payout, major individual shareholders will walk away with millions in dividend alone.
One of these is Kiharu Member of Parliament Ndindi Nyoro. According to regulatory filings, Ndindi held 30 million Kenya Power shares as at the end of 2024, which were equivalent to a stake of 1.54 per cent. This means that from his stake – if it has remained constant – he will pocket over Sh. 6 million from this interim dividend alone.
Nyoro has reaped big from his investment in Kenya Power. For instance, he gained close to Sh. 200 million from his investment at Kenya Power in the last six months of 2024. This gain was the result of massive rally that saw Kenya Power shares rise by an astonishing 322 per cent within six months.
Ndindi Nyoro gains Sh. 198 million in 6 months from Kenya Power shares
From the Kenya Power full year dividend payout for the half year period ended December, he expected to pocket close to Sh. 21 million. The full year dividend was pegged at Sh. 0.70 per share.
In the reporting of the mega profits, Kenya Power said that its performance had been boosted by increased supply of electricity. The firm announced that the units of electricity that were sold in the half year period under review had increased by five percent to from 5,225 to 5,506 gigawatt hours (GWh).
However, the firm also noted that its sales had decreased by 5.4 per cent to Sh. 107.42 billion. This decrease was attributed to a tariff cut to homes on July 1 by Sh. 1.50 per kilowatt.
“Our profitability is attributed to lower cost of sales and reduced finance costs owing to the stability of the Kenya shilling against major foreign currencies during the period under review,” said Kenya Power.
