Kenya Power has reported a net profit of Sh9.9 billion for the six months ending December 2024, marking a significant jump from the Sh319 million recorded in the same period last year. The surge in profitability is attributed to lower cost of sales, reduced finance costs due to a stable Kenya Shilling, and a 5% increase in electricity sales, rising from 5,225 GWh to 5,506 GWh.
Despite higher sales, electricity revenue fell by 5.4% to Sh107.4 billion, mainly due to lower passthrough costs and tariff adjustments. Power purchase costs also dropped by Sh1.65 billion to Sh71.4 billion, aided by the stronger shilling and an optimized generation mix. Meanwhile, operating expenses rose to Sh23.7 billion, driven by increased staff costs, depreciation, and network maintenance.
Looking ahead, Kenya Power is advancing its transformer metering project to enhance efficiency and plans to leverage the expected lifting of the moratorium on new power generation contracts. The board has announced an interim dividend of Sh0.20 per share, reaffirming its commitment to sustaining growth and financial stability.
