Shareholders of listed electricity generator KenGen will not pocket any interim dividend despite the firm reporting 79pc increase in first half net profit.
In six months to December 2024, KenGen reported Ksh 5.3 billion profit after tax up from Ksh 2.96 billion that the listed firm reported during a similar period the previous year.
The profit was mainly powered by lower operating expenses that reduced by 13.7pc to Ksh 17.7 billion.
KenGen saw its revenue during the six month period to December 2024, reduce by Ksh 1 billion to Ksh 27.5 billion.
This was despite supplied electricity increasing to 4,291 gigawatt hours from 4,211 gigawatt hours the previous year.
The firm’s income was lifted by a 13.7pc reduction in operating expenses to Ksh 17.67 billion that KenGen attributes to cost optimisation strategies and efficiency enhancements in power generation plants.
The electricity generator is banking on growing renewable energy portfolio and innovation to fuel expansion in the evolving energy landscape that is currently driven by a focus on green energy.
KenGen says it targets to add 194.4 megawatts from ongoing geothermal, solar and hydro power plants.
The firm projects to avail 200 megawatts hours of battery energy storage. In its report, KenGen says Kenya’s peak demand has increased from the previous 2,288 megawatts to 2,305 megawatts that was recorded on 15th of last month.
