Kenya Power half year net profit dips again

Kenya Power has recorded Ksh.2.5billion in net profit for the half year period to December 31, 2018.

This is a 16percent drop as compared to Ksh.2.97 billion posted for a similar period in 2017.

The previous year, the company had posted Ksh.4.2billion.

On Thursday, Kenya Power attributed this to increased transmission and distribution costs by 37.3percent to Ksh.21.7 billion.

This is up from Ksh.15.8billion recorded during the period ended December 31,2017.

A statement to newsrooms also indicated that finance costs increased by 23.5percent to Ksh.4.02 billion.

This is up from Ksh.3.25 billion incurred in the half year period to December 31, 2017.

During the trading period however, revenue from electricity sales increased by 21.3percent from Ksh.46.93billion to Ksh.56.95billion.

The revenue growth was as a result of increase in unit sales where the utility sold 4,106 GWh as at 31 December 2018.

The previous year, the utility had sold 3,893 GWh as at December 31, 2017.

Units purchased increased by 9percent to 5,324 GWh from 4,882 GWh recorded in the previous similar trading period.

“The Company continues to undertake initiatives to improve power supply, enhance reliability by having a robust distribution network,” Kenya Power’s Acting Managing Director and CEO Jared Othieno said.

“The current focus is on customer satisfaction where in line with our corporate strategy, we are transforming customer experience by improving operations at customer touch points, simplifying processes for efficient service delivery and embedding positive organisational culture,” he added.