Kenya-Energy-Business

Kenya: Power utility firm posted $20 million profit in first half of 2018

APA-Nairobi(Kenya)

Kenya Power on Thursday disclosed it has recorded 2.5 billion shillings($20 million) in net profit for the half year period to 31 December 2018.

During the trading period, revenue from electricity sales increased by 21.3 percent from 46.93 billion shillings($500 million) to 56.95 billion shillings($559 million).

The revenue growth was as a result of increase in unit sales where the utility sold 4,106 GWh as at 31 December 2018 compared to 3,893 GWh as at 31 December 2017.

Units purchased increased by 9 percent to 5,324 GWh from 4,882 GWh recorded in the previous similar trading period.

In an effort to enhance power supply, connect more customers, the transmission and distribution costs increased by 37.3 percent to 21.7 billion shillings ( $21 million) from 15.8 billion shillings( $15 million) recorded during the period ended 31 December 2017.

Finance costs increased by 23.5 percent to 4.02 billion shillings( $40 million) from 3.25 billion shillings( $30 million) incurred in the half year period to 31 December 2017.

“The company continues to undertake initiatives to improve power supply, enhance reliability by having a robust distribution network,” Kenya Power’s Acting Managing Director and CEO Eng. Jared Othieno said while addressing the media in Nairobi.

“The current focus is on customer satisfaction where in line with our corporate strategy, we are transforming customer experience by improving operations at customer touch points, simplifying processes for efficient service delivery and embedding positive organizational culture,” he added.


JK/as/APA

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