Kenya Power Full Year Profit: Kenya Power has posted a net profit of Sh. 1.5 billion for the full year ended June 30, 2021. The profit was a huge recovery from the Sh. 939 million loss the power provider posted in the same period last year.
The financial results released by the power provider show that profit before tax stood at Sh. 8.2 billion for the period under review, representing a 216 per cent year on year growth compared to a loss before tax of Sh. 7.04 billion in the previous period.
During the period under review, revenue recorded an 8.2 per cent jump from Sh. 133.3 billion the previous year to Sh. 144.1 billion. This was mainly due to an expanded customer base and the heightened revenue protection activities driven by increased field presence.
operating expenses dropped by 17 per cent from Sh. 47.8 billion to Sh. 39.9 billion mainly due to a reduction in provisions for trade and receivables from Sh. 3.27 billion the previous year to Sh. 354 million. Finance costs also registered a 27 per cent reduction from Sh. 12.5 billion in FY2020/21 to Sh. 9 billion due to a decrease in interest on loans and overdrafts as a result of a Sh. 20.26 billion repayment of commercial loans which included the partial conversion of overdrafts into a term loan.
Unit sales for the year under review recorded a five per cent growth from 8,171 GWh to 8,571 GWh which was mainly driven by 716,206 new customer connections who contributed an additional 400 GWh.
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At the same time, all customer segments recorded growth, with commercial and industrial growing by 4.8 per cent, small commercial by 5.1 per cent, domestic customers by 4.9 per cent and Street-lighting by 10.2 per cent.
“As a company, we are pleased with this set of results because it is a clear demonstration that the investments we have made in driving a strong performance by the core business lines are beginning to bear fruits,” said Kenya Power chairperson Vivienne Yeda.
