Listed utility company Kenya Power & Lighting Company Plc (KPLC) said on Thursday it recorded a record first-half profit, thanks to reduced transmission and distribution costs.
The firm posted KSh138 million net profit for the half-year ended December 2020 compared to KSh692 million posted in the same period the previous year.
“Transmission and distribution costs decreased to Ksh 18,675 million from Ksh 22,977 million the previous period due to ongoing cost management initiatives,” the company said in its unaudited results.
However, its finance costs increased to Ksh 8,057 million from Ksh 3,835 million the previous period due to the depreciation of the Kenya shilling leading to unrealised foreign exchange loss.
Electricity sales grew marginally by 0.7 per cent from 4,167 GWh recorded in a similar period in 2019 to 4,196 GWh in the period under review.
Non-fuel power purchase costs increased from KSh37.19 billion in the previous period to KSh38.12 billion.
Fuel cost decreased from KSh7.15 billion to KSh4.62 billion which is attributable to less thermal generation.
Its debt stands atKSh47.85 billion for the period up to June 2020.
This comprises KSh23.7 billion owed to KenGen, KSh19.48 billion owed to independent power producers, and KSh4.67 billion to Kenya Electricity Transmission Company (KETRACO).