Kenya Electricity Generating Company (KenGen) has posted a pretax profit of Ksh 11.53 billion in its Financial Year to end June.
KenGen further said it had a 123 percent y/y growth in interest income during the period to Ksh 1.24 billion attributed to the investment of funds raised from its rights issue that closed in March.
“These results were achieved in an environment characterised by the severe drought which affected our hydro generation and power evacuation constraints which reduced Geothermal dispatch,” said Rebecca Miano, Ag Managing Director and CEO.
Its total revenue declined by 8 percent y/y mainly due to a 60 percent y/y decline in other income and a 24 percent y/y reduction in steam revenue.
Operating expenses rose up 8 percent y/y owing to increased plant operation and maintenance expenses. PAT growth (+34 percent y/y) was boosted by lower corporate income taxes mainly from investment deduction allowances on some of its well-head plant investments.
The company targets to deliver 720MW of power by 2020 from its Olkaria V geothermal plant at a cost of Ksh 200 billion.