The Nairobi Securities Exchange [NSE]-listed company has adopted a diversification strategy which has seen it leverage its expertise in geothermal energy by offering commercial drilling services, geothermal development consulting, and other energy-related services locally and in the Horn of Africa
NAIROBI, Kenya: Kenya Electricity Generating Company PLC (KenGen) has announced a 9% profit increase in its half-year unaudited financial results for the period ended December 31, 2020. The profit before tax grew from Ksh.6.2 billion to Ksh.6.8 billion. [1US$=Ksh109.46].
Revenue from geothermal operations continued to show a growth trajectory, recording an increase of 14% supported by additional generation capacity from Olkaria V and revenue diversification from an on-going geothermal drilling project in Ethiopia.
“Net revenue increased by 9% from Ksh.18.9 billion in December 2019 to Ksh.20.5 billion for the period under review, primarily because of Olkaria V and revenue diversification from the Ethiopia drilling project,” KenGen Managing Director and CEO, Rebecca Miano said while announcing the results.
KenGen’s energy sales increased by 5% following growth in national electricity consumption which saw peak demand reach 1,976MW in December 2020 compared to 1,882MW during a similar period in 2019.
The NSE-listed company has adopted a diversification strategy which has seen it leverage its expertise in geothermal energy by offering commercial drilling services, geothermal development consulting, and other energy-related services locally and in the Horn of Africa.
Mrs. Miano said the company aims to deliver a new geothermal power plant, Olkaria I Additional Unit 6 later this year which will add about 83MW to the national grid.
KenGen PLC is the leading electricity generation company in Eastern Africa, generating more than 72% of electricity consumed in Kenya. The company’s primary business is to provide affordable and reliable electric energy for the country in an environmentally friendly and sustainable manner while creating value for its stakeholders.