- Kenya Power said the profit growth was due to a 6.9% increase in sales and a 1.5% improvement in system efficiency to 77.57%.
- During the period under review, the electricity distributor’s revenue decreased slightly from KShs 125.9 billion to KShs 125.6 billion.
- In the past two months, the Petroleum and Energy Regulatory Authority (EPRA) has adjusted energy costs twice, angering Kenyans
Kenya Power and Lighting Company (KPLC) more than doubled its annual profit.
The power utility reported profit growth of 133% to KSh 3.5 billion from KSh 1.5 billion recorded in a similar period in June 2021.
In a statement posted on its social media pages, Kenya Power said the profit growth was due to a 6.9% increase in sales and a 1.5% improvement in system efficiency at 77.57% due to a sustained war on energy losses.
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“The corporate tax rate has returned to 30% from 25% in 2021, hence the significant movement in the comparative tax burden,” KPLC said.
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During the reporting period, KPLC’s revenue decreased slightly from KSh125.9 billion to KSh125.6 billion.
Kenya Power’s acting chief executive, Geoffrey Muli, said the power utility was on the road to recovery.
“Our objective for this exercise is to build on the momentum created in previous years when the turnaround strategy was rolled out,” Muli said.
High cost of electricity in Kenya
Kenya Power’s profits came amid high electricity costs that are worrying Kenyans.
The Petroleum and Energy Regulatory Authority (EPRA) adjusted costs for the second time in two months.
In a notice to the Official Gazette dated October 21, EPRA Director General Daniel Kiptoo Bargoria said that all electric power prices would be subject to a currency fluctuation adjustment of 148.29 cents per kWh. for all meter readings taken in October 2022.
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High symbolic prices
In September, the Kenya Power and Lighting Company (KPLC) raised token prices after EPRA announced new high fuel costs.
While responding to a customer who lamented why he got 39 units after buying tokens worth KShs 1,000, the utility said there were adjustments in the calculation of the bill.
“The regulator has adjusted the fuel cost and inflation components of the bill hence the token price increase,” Kenya Power tweeted.
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