Electricity generating company-KenGen has recorded Kes 4.7 billion in net profit for the year ended June 30, compared to Kes 1.8 billion posted by the company over the same period in 2021.

The growth was driven by increased power generation and uptake by the country's utility firm Kenya Power.

The 161 per cent year-on-year growth is attributed to business expansion at a time when the NSE-listed company commissioned 86MW Olkaria I Unit 6, earning a tax expense reduction.

Further, the company's revenue during the period under review grew by 7.5 per cent, from Kes 45.7 billion in 2021 to Kes 49.2 billion, as it continued to benefit from its investments in geothermal.

Management notes that Geothermal ensured stable supply despite low generation from hydropower plants due to poor hydrology in most parts of the year.

  Additionally, KenGen generated more than 70 per cent of the country’s renewable energy during the financial year.

KenGen managing director and CEO Abraham Serem said that the increase is from its mix of hydro, geothermal, wind, and thermal with a combined capacity of 1,904MW, which delivered 7,918kWh during the year.

“KenGen has strong business fundamentals, posting stable results backed by its growth, innovation, and expansion strategy," he said.

He also noted that said, from an innovation perspective, they are particularly keen to explore opportunities in the E-mobility space, which they recently delved into by unveiling four electric vehicles.

Further, he said they will use them to collect data over the medium term to inform future investment decisions on the same.