Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Miano also attributed the growth to the roll-out of the company’s business diversification strategy, which has seen the company clinch two drilling contracts in Ethiopia/FILE

Energy

Tax savings on Olkaria V project doubles KenGen’s profits

Miano also attributed the growth to the roll-out of the company’s business diversification strategy, which has seen the company clinch two drilling contracts in Ethiopia/FILE

 

NAIROBI, Kenya, Feb 28 – Kenya Electricity Generating Company, KenGen, has posted a 98 percent increase on its profit after tax to hit Sh8.17 billion for the first half of the 2019/2020 financial year ending December 2019.

The company has attributed the growth to tax savings arising from the completion of 165MW Olkaria V geothermal project which also resulted in a tax credit of Sh1.89 billion, compared to a tax expense of Sh1.9 billion in the previous period.

KenGen also realized a 127 percent growth in other income, from Sh211 million in 2018 to Sh479 million for the six months ended December 31st, 2019.

The company’s Managing Director and CEO Rebecca Miano attributed the growth to the roll-out of the company’s business diversification strategy, which has seen the company clinch two drilling contracts in Ethiopia.

Analysts at Genghis Capital expect KenGen to have a buoyant financial performance this year, pegged on the geothermal capacity increase, additional contractual revenue streams and the large tax credit.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

You May Also Like

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...

Headlines

NAIROBI, Kenya, Mar 13 – Meet Kennedy Okaka, the CEO of PH Africa which manufacturers and distributes hand sanitizers. Okaka speaks to Capital Business...

Technology

NAIROBI, Kenya, Mar 14 – Samsung has unveiled the Samsung Galaxy S20 in Kenya, a new series of devices which is mainly characterized by...