Kenya Electricity Generating Company PLC (Kengen) has declared a 9 per cent increase in its profit in its half-year unaudited financial results for the period ended December 31, 2020.
Kengen’s profit before tax grew from Sh6.2 billion to Sh6.8 billion.
Kengen Managing Director and CEO Rebecca Miano said geothermal operations grew by 14 per cent backed by extra generating capacity from Olkaria V and diversification from geothermal drilling works 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,” said Miano.
She said Kengen’s energy sales also grew by 5 per cent due to growing national power use which saw peak demand reach 1,976MW in December 2020 compared to 1,882MW in a similar period in 2019.
The firm, which is listed in NSE, is applying a diversification strategy to leverage its expertise in geothermal energy by offering commercial drilling services, consulting services on geothermal, among other energy-related services locally and in the Horn of Africa.
Miano said Kengen seeks to deliver a new geothermal power plant, Olkaria I Additional Unit 6, later during the year which will add approximately 83MW to the national power grid.