Kenya Power profit drops to Sh1.9billion

NAIROBI, KENYA: Utility firm Kenya Power has recorded Sh1.9 billion net-profit compared to Sh5.3 billion declared in 2017 full year results.

The company did not declare any dividend to the shareholders and attributed the drop in profit to an increase in transmission and distribution costs.

During the year under review, the profit before tax decreased by 60 percent to Sh3billion from Sh7.7billion in the previous year.

Kenya’s sole power distributor said total revenue rose to Sh125.85 billion from Sh120.74 billion in the year ended June, helped by a 2 percent growth in electricity sales of Sh95.46 billion.

Transmission and distribution costs rose 14 percent to Sh39.63 billion, the power company said.