Kenya Electricity Generating Company PLC (KenGen) has announced a 9% profit increase in its half-year unaudited financial results for the period ended 31 December 2020.
The company’s profit before tax grew from Ksh6.2 billion ($55 million) to Ksh6.8 billion ($64 million), states a company statement.
KenGen states that revenue from geothermal operations continued to show a growth trajectory, recording an increase of 14% supported by additional generation capacity from Olkaria V and revenue diversification from an on-going geothermal drilling project in Ethiopia.
“Net revenue increased by 9% from Ksh8.9 billion in December 2019 to Ksh20.5 billion for the period under review, primarily because of Olkaria V and revenue diversification from the Ethiopia drilling project,” KenGen managing director and CEO, Rebecca Miano said while announcing the results.
KenGen’s energy sales increased by 5% following growth in national electricity consumption which saw peak demand reach 1,976MW in December 2020 compared to 1,882MW during a similar period in 2019.
The NSE-listed company has adopted a diversification strategy, which has seen it leverage its expertise in geothermal energy by offering commercial drilling services, geothermal development consulting, and other energy-related services locally and in the Horn of Africa.
Miano said the company aims to deliver a new geothermal power plant, Olkaria I Additional Unit 6 later this year, which will add about 83MW to the national grid.