NAIROBI, Kenya, Feb 24 – Kenya Power Company has posted an 11.6 per cent increase in their net profit growth to Sh4.2 billion in the half year ended December 31, 2016.
The increase is attributable to a rise in electricity revenue that went up by 9.9 per cent to Sh45.7 billion in the period under review compared to Sh41.6 billion the previous year owing to sales growth due to an expanded customer base.
Power purchase costs went up to Sh26 billion from Sh24 billion due to the rise in unit purchases while fuel costs went down by 22 per cent to Sh6 billion from Sh8 billion recorded in 2015.
“The company is focused on implementation of key capital projects to ensure reliable power supply to our customers and connect new customers, generating higher sales that will improve the top line,” the firm states.
The firm plans to prioritise infrastructure maintenance to increase its capacity to absorb the additional power that is being injected to the grid through new power generation projects.
In the last financial year the company initiated the construction of 36 new sub-stations and associated distribution lines across the country.
Directors did not recommend any payment of dividend for the period.