Kenya’s sole power distributor increases profit

Nairobi, Kenya — ESI-AFRICA.COM — 25 February 2011 – East African power transmitter Kenya Power & Lighting (KPLC) “’ the country’s sole power distributor “’ has posted a 7.5% increase in first half pre-tax profit, lifted by higher electricity sales.

In an announcement here the company revealed that its pre-tax profit had risen to 3.08 billion shillings (US$40 million) in the six months to 31 December 2010.

Electricity sales had risen to 20.63 billion shillings (US$250 million) from 19.09 billion (US$230 million) previously, the KPLC statement added. Basic and diluted earnings per share had risen 12% to 2.20 shillings.

The company declared an interim dividend of 0.35 shillings per share from 0.38 shillings per share in the year ago period.

KPLC said in January it had raised 9.8 billion shillings in a rights issue launched in late 2010.

“The capital realised from the recently concluded right issue, and from concessionary loans from development partners, together with internally generated revenue, is being utilised to finance expansion and refurbishment of the electricity supply system,” the company explained.

KPLC’s shares closed at 22.50 shillings yesterday.