Kenya Power Swings Back To Profit, Posts KSh 1.5 Bn

Kenya Power says its profit before tax of Kshs.8.2 billion for the period represented a 216 per cent YoY growth compared to a loss before tax of Kshs 7.04 billion the previous year.

Listed utility company Kenya Power & Lighting Company Plc (KPLC) posted  KSh 1.5 billion profit after tax for the financial year ended June 30, 2021.

Kenya Power says its profit before tax of Kshs.8.2 billion for the period represented a 216 per cent YoY growth compared to a loss before tax of Kshs 7.04 billion the previous year.

Vivienne Yeda, the Boards Chair attributed the strong performance to the company’s 2020 turn-around strategy that focused on improving customer experience, growing sales, enhancing revenue collection, enhancing system efficiency, and prudent cost management.

Unit sales for the year under review recorded a 5 per cent growth from 8,171 GWh to 8,571 GWh which was mainly driven by 716,206 new customer connections who contributed an additional 400 GWh, and a rebound of the economy from the effects of the Covid-19 pandemic.

All customer segments recorded growth, with Commercial and Industrial growing by 4.8 per cent, Small Commercial by 5.1 per cent, domestic customers by 4.9 per cent, and Street-lighting by 10.2 per cent.

Revenue recorded an 8.2 per cent jump from Kshs 133.3 billion the previous year to Kshs 144.1 billion, mainly due to an expanded customer base, and heightened revenue protection activities driven by increased field presence.

“As a Company, we are pleased with this set of results because it is a clear demonstration that the investments we have made in driving a strong performance by the core business lines are beginning to bear fruits. Having said that, we are cognizant of the fact that a lot more needs to be done to fully transform Kenya Power into a 21st-century organisation,” Yeda said in an emailed statement.

Its board of directors have not recommended the payment of dividends to shareholders.