Kenya power roars back to Profitability with Ksh 319 million Net profit after Tax for half year period

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PHOTO: Joseph Siror , Kenya Power Managing Director and CEO 

NAIROBI, Kenya Feb 26...The improved profitability was driven  by growth in revenue resulting from increased electricity sales as well as implementation of a cost reflective tariff 

During the period under review, revenue from electricity sales rose up by 31 percent to Ksh 113.6 billion , the company commenced deployment of Rapid Results Initiative (RRI) which is meant to fast track meter installation for new connections across the country as a measure to drive customer connectivity and grow electricity sales 

"I am glad to note that our sales growth was driven by our deliberate effort to grow our customer numbers, having surpassed  our connectivity target for the half year period by 13.87 percent with a total of 225,000 new customer to the grid" said Joseph Siror, Kenya power managing director and CEO 

Over 240 GWh increase in electricity units purchased and dispatched from renewable energy sources while consumption of thermal generation reduced by 93GWh from 650GWh in the similar period of 2022 to 557GWh leading to Ksh 2.05 billion reduction in fuel cost charge on customer bills

Subsequently Operating costs increased by Ksh 1.7 billion during the period under review to Ksh 19.7 billion driven by higher electricity charges as provided in the cost reflective electricity tariff and increase in depreciation 

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