KenGen Pays Kes 1.15 Billion in Dividends to Treasury
Leading power producer, Kenya Electricity Generating Company PLC (KenGen) has paid the National Government Kes 1,153,856,022 in dividends for the financial year ended June 2019.
The National Treasury & Planning Cabinet Secretary, Amb. Ukur Yatani congratulated the company’s positive performance adding that as the Government, they were proud to be associated with the company. The Government owns 70% stake at KenGen while 30% is owned by private shareholders.
CS Ukur Yatani further noted that as the country’s leading energy producer, it is a major player in the Government’s efforts towards the country’s growth and development.
“ Energy is critical for the country’s growth and development. We take cognizance of the important role played by KenGen in growing the economy,” the CS said.
The power generating company expressed optimism saying they were honored pay the Government Kes 1,153,856,022 in dividend at a time when businesses are facing enormous challenges occasioned by the economic hardship brought by the COVID-19 pandemic.
Kengen Plc Financial Results
For the year ended June 2020, the power generating company announced a kes 13.9 billion profit before tax.
The Board also recommended a first and final dividend for the year of Kes 0.30 per ordinary share of Kes 2.50, which they said will be paid to shareholders once approved in the next annual general meeting (AGM)
Rebecca Miano, KenGen’s Managing Director & CEO expressed optimism in the company’s ability to navigate the COVID 19 Pandemic stating that their diversification strategy was bearing fruit as the organization had been able to incorporate new business lines in its revenue streams including consultancy services.
The company is currently offering geothermal drilling services and undertaking geo scientific studies in Kenya and Ethiopia.