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Cabinet Approves Kenya Pipeline Company’s Privatization

Ivan Lewa by Ivan Lewa
in Business News
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Kenya Pipeline Company
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The privatization of the Kenya Pipeline Company (KPC) has been approved by the Cabinet, advancing the company’s listing on the Nairobi Securities Exchange (NSE) – a move that is in line with the government’s initiative in institutional reforms aimed at fostering a turnaround of the economy, particularly in the management and governance of state corporations through divestiture of government shares.

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The energy firm, which is set to be listed through an IPO by September, showed notable growth in its financial measures in the previous year. Its revenue increased from KES 30.86 billion to KES 35.37 billion in the fiscal year 2023–2024, a 14.6% increase. The net profit increased 52.7% from KES 4.5 billion to KES 6.87 billion in the year that ended in June 2023. Also, the long-term debt went down to KES 2.46 billion in 2024 from KES 6.73 billion in 2023. However, its total assets dropped from KES 128.88 billion in June 2023 to KES 120.72 billion in June 2024.

It was also noted that the energy company has not yet reached its full potential due to excessive formalities and government inefficiency. Safaricom, KCB Group, and KenGen were cited as examples of companies that experienced great transformation after transitioning from state-owned corporations to publicly listed companies. These companies have seen strong liquidity, better access to funding, more profitability, and cross-border expansion.

The divestment of KPC is expected to expand ownership, expand job opportunities, improve capital markets, and enable infrastructure construction.

Also Read: Kenya Pipeline Company Set to Go Public by September

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