NAIROBI, Kenya, Dec 16 – Kengen has announced that it will delay releasing its audited financial results for the year ended 30th June 2020.
In a statement, the parastatal’s Company Secretary and Legal Affairs Director Paul Ndungi says the Capital Markets Authority is aware of the delay and already granted them an approval.
KenGen was supposed to have released their financial results by 15th December but CMA has allowed it to file and publish the statements by 31st January 2021.
Ndugi also cautioned shareholders that they have postponed the 68th Annual General Meeting to a later date.
“Further, we will also not be in a position to convene the company’s 68th annual general meeting for the year ended 30th June 2020 by 31st December 2020 as required by the company’s act No 17 of 2015, ” he added.
The company’s profit after tax declined to Sh7.88 billion for the year ended June 30th, 2019.
The company’s energy sales grew from 7,989 GWh in 2018 to 8,277 GWh despite dilution of the market share following new entrants.
KenGen’s total revenue grew from Sh45.30 billion in 2018 to Sh45.97billion in 2019, leading to a 1.5 percent growth.
KenGen’s other income increased from Sh275 million to Sh619 million, mainly as a result of consultancy services, insurance compensation and tax refund.