Kenya Power has announced a full year net profit of Sh. 30.08 billion. The net full year profit marks a turnaround for the company that had made a net loss of Sh. 3.19 billion in the previous year ended June 2023.
“This performance was primarily driven by a 21 per cent increase in revenue notably from the commercial and industrial sector and decreased financial costs due to the strengthening of the Kenyan shilling against major global currencies,” Kenya Power said in a statement.
During the year under review, finance costs fell sharply to Sh. 682 million from Sh. 24.1 billion a year earlier, underscoring the massive impact of the shilling’s rally on Kenya Power’s books.
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Revenue from electricity sales increased by 21 per cent to Sh. 232.12 billion from Sh. 190.98 billion.
Following this performance, Kenya Power announced that it will payout a dividend if Sh. 0.70 per share.
This will be the first time that Kenya Power will be paying out dividend since 2017.
