KenGen Posts 9pct Rise In Half-Year Profit, to Deliver Olkaria Unit in 2021

KenGen has been focusing on the production of green energy and currently more than 86 percent of the energy produced by the company is from clean sources namely wind, hydro and geothermal.

Kengen CEO Rebecca Miano

KenGen, Kenya’s biggest electricity producer, says its half-year profit before tax soared 9.5% to Kshs. 6.87 billion for the period ended 31  Dec 2020. 

However, its profit after tax for the period declined 38.2% to KSh5.05 from KSh8.17 billion it reported on 31 2019. 

KenGen’s energy sales increased by 5% following growth in national electricity consumption which saw peak demand reach 1,976MW in December 2020 compared to 1,882MW during a similar period in 2019. 

Revenue from geothermal operations continued to show a growth trajectory, recording an increase of 14% supported by additional generation capacity from Olkaria V and revenue diversification from an on-going geothermal drilling project in Ethiopia.

“Net revenue increased by 9% from Ksh.18.9 billion in December 2019 to Ksh.20.5 billion for the period under review, primarily because of Olkaria V and revenue diversification from the Ethiopia drilling project,” KenGen Managing Director and CEO, Rebecca Miano said while announcing the results.