NAIROBI, Kenya, Jan 31 – Kenya Power has posted a Sh9.97 billion net profit for the half-year period ending December 31, 2024, driven by increased electricity sales, lower costs, and reduced finance expenses.
The utility firm reported a 5 percent year-on-year growth in electricity sales, reaching 5,506 GWh, up from 5,225 GWh in the previous year. This was attributed to higher consumption, improved network reliability, new customer connections, and faster outage resolution.
Additionally, Kenya Power dispatched 404 GWh more renewable energy, reinforcing its commitment to green energy adoption.
Finance costs dropped significantly to Sh1.97 billion from Sh15 billion in 2023, a Sh13 billion decline. The company credited this reduction to a stronger local currency and a lower loan balance following continued repayments.
Managing Director Joseph Siror attributed the strong performance to strategic initiatives aimed at efficiency and sustainability.
“At the core of our strategy is a commitment to powering people for better lives while maintaining a sharp focus on operational excellence,” Siror said.
“Looking ahead, we are committed to sustaining our improved financial performance through targeted initiatives that enhance efficiency and diversify revenue streams to drive long-term growth.”
However, the company faced a Sh4 billion rise in operating expenses, primarily due to higher depreciation and maintenance costs associated with its expanded network.
