NAIROBI, KENYA: Kenya Electricity Generating Company PLC (KenGen) will pay a total dividend of Sh1.65 billion to its shareholders.
This follows the approval of the Board’s recommendation by shareholders to pay the final dividend of Sh0.25 for the year for every ordinary share of Sh2.50.
The shareholders decided during the company’s virtual 67th Annual General Meeting (AGM) on Tuesday.
The announcement comes at a time when Kenya and the world at large is facing challenges brought about by the Coronavirus Disease (COVID-19) Pandemic.
Speaking during the AGM, KenGen Managing Director &CEO, Mrs. Rebecca Miano, highlighted key business progress the company had made during the period under review. These include two multi-million shillings contracts the company is currently undertaking in Ethiopia, unveiling the Community Engagement Strategy, expansion of the company’s energy capacity and diversification which has been instrumental in creating new revenue streams.
In 2018, the company paid its shareholder Sh 2.64 billion in dividends which translated to Ksh 0.40 for every ordinary share.
During the period ending June 2019, business remained resilient despite challenging economic conditions in the country and globally.
To create more value for its stakeholders, KenGen is focusing on diversification, a strategy that has seen the company earn additional revenues.
During the year ended June 2019, the company’s energy sales grew from 7,989 GWh in 2018 to 8,277 GWh despite the dilution of the market share following new entrants. KenGen’s total revenue grew from Sh45.30 billion in 2018 to Sh45.97billion in 2019, leading to a 1.5 per cent growth.