Kenya Power Posts 11.2% Rise in Pre-tax Profits

By / October 31, 2015

The market showed a slight decline in today’s trading session, with the NSE-20 Share index waning 0.39% to close at 3868.83 points while the NSE-25 Share Index lost ground slipping marginally by 0.83% to close at 4025.25 points. The Nairobi All Share Index (NASI) followed suit, declining marginally by 0.57% to close at 137.28 points. Equity turnover dipped by 89.62% to close at KES 0.377 Billion whilst the market capitalization went down by 0.58% to perch at KES 1,930.81 Billion. Market breadth, showed a slight decline as the number of stocks that advanced -14 were outweighed by the number of stocks that declined -24.

National electricity distributor, Kenya Power & Lighting C0 (NSE: KPLC) announced its FY15 results whereby pre-tax profits were up by 11.2% to KES 12.25 Billion bolstered by 5% growth in electricity sales to 7,130 Million units underpinned by enhanced system efficiencies and improved distribution effectiveness. Top line revenue surged up by 24.3% to KES 77.84 Billion. KPLC capped its stellar performance by announcing an interim dividend payment of KES 0.20. We remain positive about the future prospects of Kenya Power based on the Government growth strategy to add 5000+MW additional generation capacity by 2017. In addition, the company efforts towards upgrading their networks and building more sub-stations will automatically improve distribution efficiency.

Equity Market Highlights

Safaricom Ltd (NSE: SCOM) was the most actively traded stock today accounting for 30.54 % of the total market value traded activity. Kenya Commercial Bank Ltd (NSE: KCB) closed in second place, accounting for 21.47% of the days traded value. Eveready E.A Ltd (NSE: EVRD) topped the gainers list appreciating by 6.00% to close the day at KES 2.65. NIC Bank Ltd (NSE: NIC) appreciated by 4.73%, to close at KES 38.75.

Equity Group Ltd (NSE: EQTY) was the top laggard of the day edging down by 6.15 % to close at KES 42.00. Olympia Capital Ltd (NSE: OCHL) drifted behind, depreciating by 5.62% to close at KES 4.20.