KenGen profit nearly doubles to Sh8.2b
SEE ALSO :Kenya imports more power despite rainsThe company’s Managing Director and CEO, Rebecca Miano, said the growth was buoyed up by a 6.4 per cent increase in electricity revenue - from Sh15.04 billion in 2018 to Sh16 billion for the six months period – following the completion of the Olkaria V geothermal power plant. Revenue from geothermal power consumption increased from Sh8.6 billion to Sh9.4 billion, which was a 2 percentage rise in contribution to the total KenGen revenue (59 per cent from 57 per cent). Hydroelectricity revenue reduced from Sh4.41 billion to Sh4.39 billion. More revenue KenGen also attributed the growth in revenues to acquisition of two drilling contracts in Ethiopia as part of their business diversification strategy. The company bids to provide cheaper energy amid what they term a competitive market. “We have already started implementing our diversification strategy and have ongoing geothermal drilling and consultancy contracts in Ethiopia and Kenya,” Miano said.
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