Kenya Electricity Generating Company’s net profit after tax has increased by 15.7% to stand at Ksh 4.7 billion for the Half-year period ending June 30, 2022.
The profit surge from Ksh 1.8 billion registered in the year 2021 stems from the Commissioning of 86MW Olkaria I Unit 6 which earned the Electricity Generator tax expense reduction.
In a statement, KenGen said that the revenue during the period raised by 7.5% from Ksh 45.7 billion last year to Ksh.49.2 billion supported by Geothermal Power Generation which ensured stable supply despite low generation from Hydropower plants on account of depressed Rainfall.
“KenGen has strong business fundamentals, posting stable results backed by its growth, innovation, and expansion strategy. We are pleased to report growth in Profit after tax for the year ended June 30, 2022, despite the prolonged Drought which has affected Hydropower Generation during the period under review,” KenGen Acting CEO Abraham Serem said.
The firm which currently generates 70% of Kenya’s total installed capacity from Hydro, Geothermal, Wind, and Thermal says its combined capacity of 1,904MW delivered 7,918kWh of Electricity during the year.
The CEO also said KenGen will continue supporting Geothermal Power Development in the region as well as exploring new Business Opportunities that are consistent with its Renewable Energy focus.
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In addition, Abraham Serem stated that from an Innovation Perspective, we are particularly keen to explore opportunities in the E-Mobility Space, which we recently delved into by unveiling four Electric Vehicles which we will use to Collect Data over the Medium-term with the view of informing future Investment decisions on the same.
The Company targets to redevelop its Forty-Year-Old 45MW Olkaria I Geothermal Power Plant to give it a new Lease of life and boost its capacity to more than 50MW as well as the uprating of Olkaria I Additional Units 4 & 5 and Olkaria IV.
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The two units are expected to grow the Capacity of the two Geothermal Power Stations from the current 280MW to 320MW.
