KenGen declares Ksh.2.6B dividend

The Kenya Electricity Generating Company (KenGen) has declared a dividend of Ksh.2.6 billion for the current financial year.

This follows a two per cent increase in pre-tax profit for the 12 months ending June 30th, 2018 to Ksh. 11.75 billion, up from Ksh.11.46 billion last year.

KenGen’s total revenue increased by 4 per cent owing to growth in steam revenue and increased revenue generated by the geothermal power plants.

According to a press release seen by Citizen Digital ,the revenue, generated from geothermal power plants, increased from Ksh. 16.1 billion to Ksh. 17.1 billion while steam revenue rose from Ksh. 5.2 billion to Ksh. 6.2 billion between the 2017-18 period.

The power generating company  was this year voted among the country’s top three best employers and has plans to increase its generation capacity on a continuous basis with a plan to deliver Olkaria V geothermal project in 2019.

According to the press release , the company’s Managing Director & CEO, Mrs. Rebecca Miano attributed the good performance to diversification of  energy sources, through which geothermal generation was able to cater for a deficit in hydro generation.

“We remained cash generative at the operating level over the year, despite continued investment in capacity expansion which mainly focused on geothermal. It is this investment that will underpin further rapid growth going forward with an overall objective of a steady return for our shareholders,” added Mrs Miano insisting the company’s commitment to maintaining investor confidence in its capital-intensive business.

Joseph Njoroge, Principal Secretary Ministry of Energy, congratulated KenGen for being one of the parastalals that posted good financial results in turbulent economic times.