Kenya Power has recorded a Sh12 billion profit before tax for the year ended June 30.
CEO Ben Chumo attributed this to a sustained
favourable
business environment and sales that grew 3.6 per cent from 7.130 billion to 7.385 billion units.
Chumo
said the profit led to an 11.9 per cent increase in sales revenue, from Sh77.8 billion the previous year to Sh88 billion.
"It will see
a full and final dividend of Sh0.30 per ordinary share paid for the year instead of the
interim dividend of Sh0.20 paid at half year," he said.
The power purchasing cost, excluding fuel costs and foreign exchange, increased by Sh6.9 billion to Sh51.4 billion.
This, Chumo said, was due to an increase in energy charges resulting from growth in unit purchases.
But he noted fuel costs decreased by Sh13 billion to Sh12.7 due to increased reliance on geothermal and hydro sources.
"The countrywide network upgrade has resulted in an 18.3 per cent increment in transmission and distribution expenditure to Sh28.7 billion," he added.
Kenya Power's half-year net profit dropped by 16.4 per cent in February despite increased revenue.
This was due to higher power purchase costs from additional capacity and growth in distribution costs.
The utility firm announced that profit after tax for the period ended December 2015 dropped to Sh3.76 billion from Sh4.5 billion, also as a result of higher repair and maintenance costs.