, NAIROBI, Kenya, Feb 26 – Kengen’s half year profit has dropped from Sh4.6 billion in 2016 to Sh4 billion in the six months ending December 31st, 2017.
The power generator at the same time saw an increase in revenue from Sh17.7 billion to Sh18.6 billion, an increase of 4.93 percent.
“This was due to higher energy revenues from geothermal and increased steam revenue following the completion of the Olkaria-Suswa transmission line,” says Kengen Chief Executive Rebecca Miano.
The company’s profits were however impacted by increased expenses due to costs associated with maintaining existing and new power plants.
Depreciation and amortization costs also increased by 14.7 percent to Sh5 billion.
“Steam costs increased from Sh1.2 billion to Sh1.79 billion. This follows the completion of Olkaria-Suswa transmission line which helped improve dispatch of geothermal hence steam utilization.”
Looking forward, KenGen says it’s on course to complete the ongoing construction of the 158MW Olkaria V power plant by 2019.
The company’s Board has not recommended payment of an interim dividend.
Kengen’s share price gained 4.65 percent to close the day at Sh9.