By Eddah Waithaka
East Africa’s largest power producer, the Kenya Electricity Generating Company PLC (KenGen), approved a significant dividend increase on Thursday, rewarding investors after a year of robust profits and strategic gains.
Shareholders at the company’s 73rd Annual General Meeting in Nairobi endorsed a first and final dividend of Ksh.0.90 per ordinary share for the year ended June 30.
This marks a jump from the Ksh.0.65 payout last year, fueled by a 54% surge in profit after tax to Ksh.10.48 billion.
“This dividend uplift reaffirms KenGen’s commitment to delivering value,” said Chairman Hon. Alfred Agoi. “We are optimizing efficiency, diversifying revenue and unlocking new growth to secure long-term returns while driving Kenya’s clean energy transition.”
The strong results came against a backdrop of record national electricity demand, which hit a peak of 2,418.77MW in November.
KenGen anchored the grid, supplying roughly 60% of the country’s power from its 1,786MW installed capacity.
Also Read : https://africawatchnews.co.ke/kengen-powers-up-record-profits-and-clean-energy-expansion-fuel-kenyas-growth/
Key drivers of the profit surge included a dramatic 235% increase in income from diversified activities, such as geothermal consultancy work in Eswatini and other regions.
Simultaneously, the company slashed operating costs by 11% to Ksh.35.1 billion through tightened controls. A favorable currency environment also helped turn a prior foreign exchange loss into a Ksh.1.45 billion gain.
Managing Director and CEO, Eng. Peter Njenga, linked the performance directly to the company’s strategy. “Our results reflect our position as a regional renewable energy leader. We have strengthened efficiency, widened our geothermal footprint, and accelerated new capacity delivery.”
KenGen is advancing its ambitious G2G 2034 Strategy, which targets 1,500MW of new renewable capacity and 500MWh of energy storage.
The company is exploring major projects like the proposed High Grand Falls hydropower development and expanding its geothermal consultancy portfolio across Ethiopia, Djibouti, and beyond.
With a near-term project pipeline of 252MW, including solar expansions and geothermal rehabilitation, KenGen is positioning itself to further bolster grid reliability and accelerate Kenya’s journey to 100% renewable power.
“Our investment priorities will continue to deliver sustainable energy, create shareholder value, and support Kenya’s industrial transformation,” Eng. Njenga said.
Read More At: https://africawatchnews.co.ke/
