Five independent directors at the Kenya Power have resigned.
In a notice from the company, the five Adil Khawaja, Kairo Thuo, Wilson Kimutai Mugung’ei, Brenda Kokoi and Zipporah Kering are said to be pursuing other careers.
"The Board of Directors of the Kenya Power and Lighting Company PLC hereby announces the resignation of Mr. Adil Khawaja, Mr. Kairo Thuo, Mr.Wilson Kimutai Mugung’ei, Mrs. Brenda Kokoi and Hon. Zipporah Kering as Independent Directors," read part of the notice.
"The Company would like to sincerely thank the Directors for their commitment and dedicated service, and wishes them the best in their future endeavors," it read.
Kenya Power last month said it expects its full year earnings to drop by at least 25 percent, a sixteen year low performance.
It attributed this to the impact of the Covid-19 restrictions which has led to a major drop in industrial and commercial power demand.
Shareholders will for the third year in a row go without dividends.
The power distribution monopoly's net profits is expected to go below the Sh262 million it posted in the year ended June 2019, after a 92 per cent drop from Sh3.3 billion the previous year.
The Nairobi Securities Exchange (NSE) listed firm’s profit after tax is likely to drop to Sh196.5 million or below.
It will be the lowest since it returned to profitability in 2004, after a Sh2.89 billion loss the previous year.
“The Covid-19 pandemic has adversely affected our business operations leading to slow growth in electricity sales and an increase in financing costs resulting in reduced earnings,” Company Secretary Imelda Bore said in a notice.
The industrial sector accounts for about 70 per cent of Kenya Power unit sales.
