KenGen profit drops, revenue up

Kenya Electricity Generating Company (KenGen) has recorded a 12.4 per cent drop on its profit for the financial year ended June 30, weighed down by increased expenses amid a drought that hit the country.

The Nairobi Securities Exchange (NSE) listed company closed the year with a Ksh7.89 billion [76.9 million USD] profit, down from Ksh9.01 billion [87.8 million USD] recorded last year.

According to the firm, the prior year’s tax expense was lower “largely due to the effect of tax incentive (investment deduction) granted on commissioning of the new geothermal wellhead plants.”

The profit drop came despite the firm’s revenues edging up 4.4 per cent to close at Ksh45.3 billion [441 million USD] up from Ksh43.4 billion [423 million USD] last year.

Read more at The Exchange (Martin Mwita)

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