Kenya Power net profit drops to Sh2.45 billion

NAIROBI, KENYA: Kenya Power has recorded a drop in half-year after tax profit from Sh2.9 billion in 2017 to Sh2.4 billion last year.

During the period, the Nairobi Securities Exchange (NSE) listed firm grew its electricity sales by21.3 percent to Sh56.96 billion from Sh46.9 billion as at December 31, 2017.

The non-fuel power purchase costs increased by 18.8 percent to Sh32.6 billion while units purchased increased by 9 percent. Transmission and distribution costs increased to Sh21.7 billion from Sh15.8b for the period ended December 31 due to costs associated with expanded network.

The directors do not recommend payment of interim dividend for the period.

Acting Managing Director Jared Othieno said that the company would continue to undertake initiatives to improve customer satisfaction, enhance efficiency in business operations to grow revenue.

“In line with our strategy, we are transforming customer experience by improving operations at customer touch points,” he said.