Kenya Power and Lighting Company Ltd. announced on Monday that five independent directors of its board had resigned.
The five: Mr Adil Khawaja, Mr Kairo Thuo, Mr Wilson Kimutai Mugung’ei, Mrs Brenda Kokoi and Hon Zipporah Kering.
“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 Directors would like to sincerely thank the Directors for tier commitment and dedicated service and wishes them the best in their future endeavors,” read a statement from I. Bore, General Manager, Lega, Regulatory Affairs and Company Secretary.
The utility firm’s Board of Directors consists of a minimum of seven and a maximum of 10 directors. It consists of a balance of executive and non-executive Directors including independent and non-executive Directors.
The Nairobi Securities Exchange (NSE) listed utility company expects its net earnings for the financial year to decline further compared to its previous years’ performance attributable to slow growth in electricity sales and operational costs.
“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.
Its profit for six months to December 2019 declined 71.8 percent to KSh693 million. Revenue during the six months was up six percent to KSh73.4 billion.