East Africa’s leading electric power generating company, KenGen has reported a net profit of Ksh. 5.30 billion for the second half of 2024. a 79% rise from Ksh 2.95 billion registered in the same period in 2023.
In the same period u, KenGen’s operating profit increased by 49.4% from Ksh. 4.45 billion to Ksh. 6.65 billion. However, the company’s total revenue declined by 3.6% to Ksh 27.5 billion for the period under review from 28.5 billion in 2023.
The growth was attributed to a 13.7% drop in operating expenses, driven by agile cost optimization strategies and cutting-edge efficiency enhancements across the power plants and an increase in finance income,” the company noted in an official statement.
Operating experiences in the half year ended December 2024 declined to Ksh 17.7 billion from Ksh 20.5 billion in 2023.
Finance income surged in the six months to Ksh 2.5 billion, up from Ksh 1.9 billion, a trend that reiterates the company’s focus on operational efficiencies and effective cost optimization.
KenGen’s tax expense surged by 42% from Ksh 2.7 billion in the period under review to Ksh 1.9 billion in the corresponding period of 2024.
The remarkable financial performance comes as the country’s electricity demand continued on the upward trend in the second of last year. According to the company, the number of national electricity units generated increased by 5.9% to 7,210GWhs in the 6 months ended December 2024 from 6,805GWhs in 2023.
