Kenya Power pre-tax profit slips 1.4% in year to June 2016

A woman walks her child to school past high voltage electrical pylons on the outskirts of Kenya's capital Nairobi, March 14, 2011. REUTERS/Thomas Mukoya/File Photo
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NAIROBI (Reuters) – Kenya Power and Lighting Company (KPLC) Ltd reported on Saturday full-year net pre-tax profit of 12.083 billion shillings ($119.2 million), slipping 1.4 percent on the back of rising costs linked to its growing transmission network.

Transmission and distribution expenditure rose by 18.3 percent to 28.651 billion shillings. KPLC said the company’s bigger network added to operational expenses.

KPLC, the sole electricity distribution company in Kenya, said the customer growth rate in a nation where many do not have mains power was 30 percent a year.

It said electricity sales grew 3.6 percent to 7.385 billion units in the financial year that ended June 30.

“We anticipate continued growth in electricity demand catalysed by the increased economic activities and improved business environment as our power supply network expands,” the company added.

The board recommended that, in addition to the interim dividend of 0.20 shillings paid after the first six months, a full and final dividend would also be paid worth 0.30 shillings.

($1 = 101.3800 Kenyan shillings)

(Writing by Edmund Blair; Editing by Stephen Powell)

 

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