Kenya Electricity Generating Company (KenGen) has announced a Sh545 million dividend payout to its private shareholders.
The payout follows the approval by shareholders at the 71st Annual General Meeting (AGM) held on November 30, 2023.
“This milestone payout is part of the approved Sh1.978 billion dividend allocation for the fiscal year ending June 30, 2023, marking one of the highest dividends distributed by KenGen since its 2016 Rights Issue,” the firm said in a statement.
KenGen said the decision to distribute a first and final dividend payment of Sh0.3 per share, totaling Sh1.9 billion, reflects the company's commitment to rewarding its shareholders in alignment with its robust financial performance.
The dividend disbursement follows the company's impressive profits after tax, amounting to Sh5.2 billion in the last financial year.
During the AGM, KenGen Board Chairman Julius Ogamba attributed the company's success to strong business fundamentals, an innovation-driven culture, and a resilient expansion strategy.
Ogamba noted that the company's revenue witnessed a 14 per cent increase, reaching Sh53.96 billion.
KenGen Managing Director and CEO Peter Njenga, reiterated the company's 2024 priorities, emphasising a focus on new technologies to enhance electricity generation using existing power plants.
Njenga affirmed KenGen's commitment to meeting the rising demand for clean energy through initiatives like power plant rehabilitation and the uprating of existing assets.
“We understand the central catalytic role energy plays in our country’s economic development and to this end, we remain focused on our 2024 and long-term strategic priorities to not only meet the growing energy demand but also offer green energy solutions to Africa,” Njenga said.
