Kenya Power profit up by 1.7%, cites ease of business
Kenya Power’s full-year net profit rose by 1.7 per cent boosted by growth in electricity sales, the firm has announced. The company yesterday said profit after tax for the period ended June 30, 2016, grew to Sh7.6 billion from Sh7.4 billion, despite an increase in power purchase cost. Electricity sales grew by 3.6 per cent from 7.13 million units the previous year to 7.38 million units in the period under review. “This, combined with an improved average yield led to 11.9 per cent increase in sales revenue, from Sh77.8 million the previous year to Sh87 million,” the firm said in its financial statement signed by managing director Ben Chumo. Transmission and distribution expenditure rose by 18.3 per cent to Sh28.651 billion. KPLC said its bigger network increased operational expenses. The firm attributed the rise to growth of its electricity network.