Kenya Power has recorded Ksh319 million in profit after tax for the half-year period to December 2023, marking an improvement from a loss of Ksh1.1 billion recorded during the previous half-year period to December 2022.
The revenue growth was attributed to increased electricity sales as well as the implementation of a cost-reflective tariff.
Among the measures that helped boost the profits include the deployment of a Rapid Results Initiative (RRI) which was meant to fast-track meter installation for new connections across the country as a measure to drive customer connectivity and grow electricity sales.
Similarly, operating costs increased by Ksh1.7 billion during the period under review to Ksh19.7 billion, driven by higher electricity wheeling charges as provided in the cost-reflective electricity tariff and an increase in depreciation.
“During the period under review, revenue from electricity sales grew by 31% to Ksh113.6 billion. This is in addition to higher staff costs following onboarding of new staff to reinforce field operations and enhance overall operational efficiency to improve service delivery to customers,” Kenya Power stated.