NAIROBI, Kenya, Oct 31 – Kenya power has announced a net profit of Sh7.5 billion shilling for the financial year ending June, 2016 on the back of a favourable business environment and improved sales.
Electricity sales were up 3.6 percent to 7.3 billion units leading to a total revenue of Sh108 billion, including losses recovered from foreign exchange and savings from fuel costs.
Fuel costs halved over the period due to increased used of geothermal and hydro sources that are replacing thermal sources.
“The units generated from thermal plants decreased by 495 GWh or 27.6%, from 1,792 GWh the previous year to 1,297 GWh,” states the results.
During the year, some significant parts of the country previously served by generators were connected to the grid under the Last Mile Connectivity Project.
As a result, transmission and distribution costs were up 18.3 percent year on year as a result of a wider network which raised operational expenses.
The power distributor has announced total dividend for the year of 50 cents per share, a 12.9 percent payout.
Kenya Power has experienced high customer growth rate averaging 30 percent annually over the last three years.