Monday, Mar 02nd 2015

KenGen profit up by 14%

Friday, March 1, 2013 - 00:00 -- BY LOLA OKULO

ELECTRICITY generating company Kengen's half year profit before tax rose 14 per cent to Sh2.4 billion pushed up by improved output from its plants, it said yesterday.

In its financial statements for the six months ending December 2012, Kengen said its revenue rose by 8 per cent to Sh8.4 billion  during the period under review compared to Sh7.8 million recorded in December 2011.

"We have quite a lot of output from our hydro plants," said KenGen's MD Eddy Njoroge.Electricity units sold by the firm increased by 14 per cent from 2,660 Gwhrs to 3,042 Gwhrs, the company said.

Net profit for the period stood at Sh1.7 billion."In the last few years we began to implement a resource optimisation program of our plants that saw us construct the Sang'oro dam that utilises runoff water from the Sondu Miriu dam as well as install a third unit in Kindaruma power station that is injecting an additional 24MW of power," Njoroge told investors yesterday.

KenGen has contracted a consortium of financial advisors to guide on fund raising options for its future projects.