Kenya Electricity Generating Company PLC (KenGen), will reward its shareholders with Kshs.1.98 billion in dividends.
This follows the approval by shareholders of the Board’s recommendation for a first and final dividend payment of Kshs 0.30 per ordinary share of Kshs 2.50 during the Company’s 68th Annual General Meeting (AGM).
The dividend payout for the year ended June 2020 is an increase from the Kshs 1.65 billion paid to the shareholders in 2019.
During the year ended June 2020, KenGen announced a Kshs.13.9 Billion profit before tax which translated into 18% growth from the previous financial year during which the company announced Kshs 11.6 billion profit before tax.
The company’s profit after tax improved from Ksh.7.88 billion to Kshs.18.4 billion, an increase that the company attributed to a Kshs 8.1 billion reduction in corporate tax rate from 30% to 25% as per the Government’s relief measures to support companies navigate through the COVID-19 crisis.