Kenya Electricity Generating Company PLC (KenGen) has approved a dividend payout of Kes 2 billion to shareholders for the year ending 2023.
The payout marks the first and final dividend payout of Kes 0.3 a share and the highest the company has paid since the 2016 Rights Issue.
The dividend payout comes against the backdrop of the company posting Kes 5.2 billion in profits after tax, which KenGen says demonstrates its strong financial health and stability over the years.
KenGen Board chairperson Julius Ogamba observed that the firm’s strong business fundamentals, innovation culture, and robust expansion strategy have propelled it to profitability, thereby growing value for its shareholders year-on-year.
“Our financial results for the year paint a picture of growth and sustainability. Revenue increased by 14%, reaching Kes 53.96 billion, showcasing the financial health and robustness of the company.”
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On his part, KenGen CEO Peter Njenga underscored the company’s 2024 priority focus areas, including new technologies to generate more electricity using the existing power plants.
“We are on course with new initiatives to increase generation capacity by more than 154MW over the next two years through the rehabilitation and up-rating of existing assets showcasing our commitment to meeting the rising demand for clean energy in Kenya,” he said.
KenGen is also betting on diversification in geothermal consultancy and its green energy park in Olkaria to drive its financial sustainability going into the future.
