KenGen recorded a 35 percent increase in net profit to Kes 6.8 billion for the full year ending June 2024, compared to Kes 5 billion in the previous year.
The power producer attributed the growth to improved geothermal and hydroelectric revenues.
According to KenGen Managing Director and CEO Peter Njenga, the firm achieved better performance by minimizing management costs and improving efficiency.
“Despite the harsh global macroeconomic challenges, characterized by high inflation and foreign exchange fluctuations, we were able to instill financial discipline and prudent cost management measures in our operations, which has seen us flatten the operational costs,” Njenga said.
Further, he revealed that revenue rose to Kes 56 billion, an improvement of Kes 2.3 billion from 2023.
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“This impressive growth not only strengthens our financial position but also signals greater returns for shareholders now and long into the future, while enhancing our ability to invest in critical renewable energy projects providing more affordable, reliable electricity for our consumers.”
During the review period, KenGen dispatched 8,384 gigawatt hours (GWh) of electricity, up from 8,027GWh. This was during volatile weather conditions and inflationary pressures.
High power generation helped meet the country’s peak electricity demand of 2,149 megawatts (MW).
“The company’s power generation output grew by 4% despite the decommissioning of over 130MW of fossil fuel-powered plants in Kipevu and Muhoroni in the year,” the company stated.
Kenya is a leader in Africa’s clean power generation, with up to 90 percent of its electricity generated from renewable sources.
