Kenya Electricity Generating Company PLC (KenGen) announced a commendable half-year performance, marked by a notable 8.4% surge in net revenue, reaching Ksh.24.7 billion for the six months ending December 31, 2023.
The operational environment for the aforementioned period was characterized by heavy rainfall that led to an increase in water levels within our hydro dams thus boosting hydro-generation by a remarkable 7%. This substantial boost in hydro-generation played a key role in mitigating the high fuel costs associated with thermal generation, which saw a commendable dip of 3.5%,” said the Managing Director and CEO, Eng. Peter Njenga.
Net revenue's robust growth, is mirrored in the 1.8% improvement in profit before tax, which grew from Ksh.4.7 billion in 2022 to Ksh.4.8 billion in 2023.
However, KenGen reported a higher tax expense which surged by 25.7%, escalating from Ksh.1.48 billion in 2022 to Ksh.1.8 billion in 2023, primarily due to an increase in unrealised foreign exchange losses that are disallowable for tax purposes among others.