KenGen Managing Director Rebecca Miano during an Investor briefing in 2017. PHOTO | SALATON NJAU
Summary
- KenGen’s board has informed its investors that it cannot take a decision using unaudited results for the year to June 2019.
- Profit after tax dropped by Sh7 million to Sh7.884 billion on higher operating costs during this period.
- KenGen paid a dividend of Sh0.40 per share amounting to Sh2.64 billion in February last year.
Kenya Electricity Generating Company (KenGen) has postponed a decision on dividend payout on the performance of last
financial year until a new Auditor-General is appointed to scrutinise
the power producer’s books.
The firm’s board has
informed its investors that it cannot take a decision using unaudited
results for the year to June 2019. Profit after tax dropped by Sh7
million to Sh7.884 billion on higher operating costs during this period.
“The
board of directors shall make a recommendation regarding any final
dividend for the year ended 30 June 2019 once the audit of the financial
statements for the said period is completed,” Managing Director Rebecca
Miano said on Friday.
KenGen paid a dividend of Sh0.40
per share amounting to Sh2.64 billion in February last year. The
payment ended investors’ two-year wait. The 2015 payout was the highest
in a decade, hitting Sh0.65.
The lack of a substantive
Auditor-General will also delay the holding of the annual general
meeting in which shareholders are supposed to approve or disapprove
board’s recommendation on dividends.
The Capital Markets Authority opened a special window for listed
firms to publish their financial results without approval by the
Auditor-General.
However, it directed that AGMs will
only be held after the accounts have been signed by the Auditor-
General. KenGen’s counterpart Kenya Power said the hitch may see firms
hold two AGMs in a year.
“We may have to hold two AGMs
this year, one after the other, if the matter is not resolved early,”
Kenya Power Chief Executive Benard Ngugi said.
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