Kenya Power posts Sh30b net profit in year ended June

Kenya Power CEO Joseph Siror during the announcement of Kenya power financial results and investor briefing. [David Gichuru, Standard]

Kenya Power has bounced back to profitability, recording a Sh30.8 billion profit after tax in the year ended June 2024, from a loss of Sh3.2 billion in the same period last year. 

The profit is largely due to strengthening of the Kenyan shilling, which now trades at Sh129 against the USD. 

For the better part of last year, the shilling had deteriorated heading to Sh160 against the US dollar. 

The strengthening of the shilling contributed about 80 per cent of the latest profit according to the results. This is considering that 90 per cent of Kenya Power loans are denominated in USD and Euros. 

The results show that due to the improved performance of the shilling, finance costs reduced by Sh24b over the period. 

Kenya Power has also attributed the profit to increased electricity consumption majorly by manufactures and industry. 

Electricity sales increased by 21 per cent to Sh231 billion. This was also due to connection of 447, 251 new customers.