KenGen Half-Year Profit Flat At Ksh.5.1 Billion

 

KenGen workers walk at the Olkaria II Geothermal power plant near the Rift Valley town of Naivasha, Kenya February 15, 2018. REUTERS/Thomas Mukoya

By Kepha Muiruri For Citizen Digital

Electricity generating company KenGen has seen its half-year earnings to December 2021 stay unchanged at Ksh.5.1 billion.

The flat earnings are a factor of increased expenses with operating costs rising by eight per cent to Ksh.14.1 billion from Ksh.13.1 billion.

This from increased business activities in Ethiopia, repairs and maintenance, and higher steam costs following increased dispatch from its Olkaria geothermal plants.

Even so, KenGen’s total revenues were up by 14 per cent at Ksh.24.8 billion from Ksh.21.8 billion mainly as a factor of new receipts from drilling consultancy and operations outside Kenya.

At the same time, finance income rose by 22 per cent to Ksh.1 billion on increased cash holdings for ongoing projects and loans.

At the same time, the firm’s finance costs have declined by 27 per cent to Ksh.897 million from a reduction in loan balances.

KenGen says it is betting on continued revenue diversification efforts and the upcoming commissioning of the Olkaria I Unit VI geothermal power plant for further growth.

The board of KenGen has not recommended the payment of an interim dividend for the period as earnings per share (EPS) rose marginally to 78 cents from 77 cents.