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Home Corporate News Earnings Update

KenGen Posts 8.3% Growth in Profits at Kes 13.79 Billion for FY2020

Leah Wamugu by Leah Wamugu
in Earnings Update
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Kengen MD Rebecca Miani

Kengen MD Rebecca Miano

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Listed power producer, Kengen Plc, has reported net revenue amounting to Kes. 39.82 million for the financial period ended 30th June 2020, which is 11.3% higher than the Kes.35.7 million recorded during the same period in 2019.

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KenGen attributed the increase to the reduction in fuel revenue associated with thermal plants, which registered a 58.9% decline due to thermal displacement by geothermal power generation.

The company also recorded a 16.8% increase in the earnings before deductions from Kes 22.5 million to Kes 26.2 million. The growth was propelled by Olkaria V’s completion, which led to a 13.4% increase in electricity and additional revenue for diversification of the business.

The company’s exemplary performance consequently resulted in a growth in the profit before tax by 18.3% from Kes 11.7 million in 2019 to Kes 13.8 million, which resulted to a boost in the profit for the year by 133.1% from Kes 7.9 million to Kes 18.4 million during the period under review.

Kengen’s Expenses

Operation expenses in the company remained flat despite the increased operations associated with the Olkaria V geothermal power plant growing marginally by 0.8% from kes13.9 million reported in 2019 to Kes 14.1 million during the period ended 30th June 2020. 

As a result of the Kenyan shilling depreciation against other major currencies, the company recorded an increase in the net loss by 100.8% from Kes 3.2 million to Kes 6.4 million which consequently led to an increase in the finance cost by 63.1% from Kes 5.1 million to Kes 8.2 million.

Kengen Share Price Trend rallied on release of financials28-01-202127-01-2021
Closing Price [VWAP]5.124.93
High5.504.95
Low4.954.85
Volume902300195100
Outlook

Kengen stated that they were optimistic in the measures being put in place by the government to spur economic growth despite the uncertain conditions brought about by Covid-19.

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The company stated that they are looking forward to maintaining their growth and performance momentum driven by their electricity business and revenue diversification. 

The board recommended the payment of a first and final dividend for the year of kes 0.30 per ordinary share of kes 2.50, which amounted to Kes 2.0 million. 

Read also: KenGen Declares Kes 0.25 Dividend as Board Extends Miano’s Tenure

 

 

 

 

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Tags: Earnings UpdateKenGen Plcspotlight
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