Power issues a profit warning, earnings to drop by 25 per cent
The Kenya Power has issued a profit warning for the financial year ended June 30 2019.
The 25 per cent drop in net earnings is attributable to an increase in non-fuel costs in line with the company’s long-term strategy in growing cheaper and cleaner renewable energy.
In a notice, the company said under the current strategy, the long-term cost of energy to the consumers will be reduced and the long-term profitability of the company will be increased.
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“The growth in renewable energy is aimed at enhancing the company’s sustainability and making power affordable while reducing dependency on thermal generation,” Jared Othieno, acting Kenya Power Chief Executive Officer said.
More to follow
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