Kenya Power has bounced back to profitability, posting a KSh30 billion net profit for the year ended 30th June 2024.

The improved profitability was mainly supported by growth in revenue from electricity sales and decreased finance costs due to the strengthening of the Kenya Shilling against major global currencies.

During the year, electricity sales increased by 21% to KSh231.12 billion from KSh190.98 billion recorded during the previous trading year.

This growth is attributable to improved sales primarily from the 447,251 new customers connected to the grid during the year, as well as increased economic activities, particularly in the manufacturing sector.

Finance costs decreased by KSh24.84 billion, primarily driven by unrealised foreign exchange gain of KSh7.88 billion, compared to a loss of KSh16.87 billion in the previous period resulting from loan revaluations.

This gain was due to the appreciation of the Kenyan Shilling against the US Dollar and Euro, both of which represent approximately 90% of the Company’s loan portfolio.

With the improved performance, Kenya Power will pay a dividend of KSh 0.70 per ordinary share to shareholders, ending a seven-year drought.

If approved, the dividend will be paid on or about 31st January 2025.