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.