KenGen shareholders set to receive Ksh2 billion in dividends

Kenya Electricity Generating Company PLC (KenGen) shareholders are set to receive Ksh2 billion in dividend payout for the year ending June 30, 2023.

This is the highest dividends payout the company has paid since the 2016 Rights Issue.

The dividend payout comes at a time when the company posted a Ksh5.2 billion in profits after tax.

Speaking during the AGM, KenGen Board Chairman, Julius Ogamba, noted that the company’s strong business fundamentals, innovation culture, and robust expansion strategy have continued to propel the company to profitability, thereby growing value for its shareholders.

A file photo of Kenya Power Company head offices along Aga Khan Walk in Nairobi.

“Our financial results for the year paint a picture of growth and sustainability. Revenue increased by 14%, reaching Ksh. 53.96 billion, showcasing the financial health and robustness of the company,” said Ogamba.

KenGen Chairman further said that KenGen would continue to push its ongoing Good-to-Great strategy which is anchored on geothermal development and revenue diversification.

“Looking ahead, our initiatives to increase generation capacity by more than 154MW mostly drawn from pipeline projects in geothermal over the next two years reflect our dedication to meeting the ever-growing demand for clean energy in Kenya,” he added.

For his part, KenGen Managing Director and CEO, Eng Peter Njenga, reiterated the company’s 2024 priority focus areas which he said will be on new technologies to generate more electricity using the existing power plants.

“We are on course with new initiatives to increase generation capacity by more than 154MW over the next two years through the rehabilitation and up-rating of existing assets showcasing our commitment to meeting the rising demand for clean energy in Kenya,” said Eng. Njenga.

KenGen is also betting on diversification in geothermal consultancy and its green energy park in Olkaria to drive its financial sustainability in both the current and coming years.