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The profit after tax declined by 9.2 percent from Ksh 3.3 billion in the corresponding period of 2022 to Ksh 2.9 billion in 2023.
Kenya Electricity Generating Company PLC (KenGen) half-year net revenue rose 8.4 percent to Ksh 24.7 billion for the half year to December 31, 2023, while the profit before-tax improved 1.8 percent growing from Ksh 4.7 billion in 2022 to Ksh 4.8 billion in 2023. The profit after tax declined by 9.2 percent from Ksh 3.3 billion in the corresponding period of 2022 to Ksh 2.9 billion in 2023.
Electricity demand peaked at 2, 170.56MW on December 19, 2023. The operational environment for the period was characterized by heavy rainfall that led to an increase in water levels within the hydro dams thus boosting hydro generation by a remarkable 7 percent, mitigating the high fuel costs associated with thermal generation.
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The company’s operating expenses increased by 16.4 percent, influenced by higher plant operating and maintenance costs. Tax expenses surged by 25.7 percent, from Ksh 1.48 billion in 2022 to Ksh 1.8 billion in 2023, due to an increase in unrealized foreign exchange losses that are disallowable for tax purposes among others. In the meantime, the Olkaria uprating project, which aims to increase the combined capacity of two geothermal power plants from 300MW to 340MW, is expected to be completed by December 2026.
