Kenya Power & Lighting Company Plc (KPLC) said on Thursday it recorded a record first-half profit, posting 138 million shillings net profit for the half-year ended December 2020 compared to 692 million at the same time the previous year.
“Transmission and distribution costs decreased to 18,675 million shillings from 22,977 million shillings the previous period due to ongoing cost management initiatives,” the company said in its unaudited results.
Finance costs increased to 8,057 million shillings from 3,835 million shillings the previous period due to the depreciation of the Kenya shilling leading to unrealized foreign exchange loss.
Electricity sales grew marginally by 0.7 percent from 4,167 GWh recorded in a similar period in 2019 to 4,196 GWh in the period under review.
Non-fuel power purchase costs increased from 37.19 billion shillings in the previous period to 38.12 billion shillings. Fuel cost decreased from 7.15 billion shillings to 4.62 billion shillings which is attributable to less thermal generation.
Despite the quoted profits, Kenya Power is still walking in debts and losses with reports indicating that it is currently surviving on loans.