Kenya Power has recorded a profit after tax of Kshs. 1.5 billion for the full-year ending June 30, 2021 compared to profit loss after tax of Kshs. 939 million recorded last year.
The growth is attributable to increased electricity sales which saw a jump in revenue as well as lower operational expenses during the year under review.
Electricity revenue excluding foreign exchange surcharge and fuel recovery rose 8.4% or Kshs. 9.8 billion to hit Kshs. 125.9 billion, while operating costs slid by Kshs. 8 billion from Kshs. 47.8 billion to Kshs. 39.9 billion.
The power distributor also registered a 27% reduction in finance cost which went down by Kshs. 3.4 billion from Kshs. 12.5 billion the previous year to Kshs. 9.1 billion.
“As a Company, we are pleased with this set of results because it is a clear demonstration that the investments we have made in driving a strong performance by the core business lines are beginning to bear fruits. Having said that, we are cognisant of the fact that a lot more needs to be done to fully transform Kenya Power into a 21st century organisation,” said Vivienne Yeda, chairperson of the company.
Electricity revenue surge was mainly driven by growth in unit sales of 400GWh from 8,171Gwh the previous year to 8,571GWh owing to an expanded customer base and increased economic activity.
Commercial and industrial customer base grew 4.8% while small commercial, domestic customers and Street-lighting grew by 5.1%, 4.9% and 10.2% respectively.
Going forward, Kenya Power is planning to increase the uptake of the self-service platform, *977#, which with over 2 million registered users recorded over 19.6 million transactions in the period.
KPLC says it is exploring partnerships that will boost uptake of electric vehicles in the country as well as expand fibre network to provide last mile internet connectivity.