KENGEN has announced a Ksh 13.9 billion profit before tax for the year ended June 2020, translating into 8.3% growth in profit from the previous financial .
The power generating company has also paid the National Government Ksh 1.15 billion in dividends for the financial year that ended June 2019.
The Government owns 70% stake at KenGen while 30% is owned by private shareholders.
KENGEN chairman General (Rtd) Samson Mwathethe said the company was honored to pay out dividends to the Government at a time when businesses are facing enormous challenges occasioned by the pandemic.
During the year ended June 2019, the company’s energy sales grew from 7,989 GWh in 2018 to 8,277 GWh despite the dilution of the market share following new entrants. KenGen’s total revenues remained stable growing by 1.5% from Ksh 45.30 billion in 2018 to Ksh 45.97 billion in 2019.
Additionally, the company is exploring business growth through collaboration and partnerships with development agencies.
Speaking during the AGM last year KenGen Managing Director & CEO, Mrs. Rebecca Miano, expressed optimism in the company’s long-term diversification strategy which she said was already bearing fruit.
Mrs. Miano singled out two recent geothermal drilling contracts KenGen won and is currently implementing in Ethiopia, which she said has been instrumental in creating new revenue streams for the company.