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Browsing: Foregin exchange losses
- Kenya Power attributes its loss to the impact of a declining currency and a strengthening US dollar amid skyrocketing electricity costs.
- The company’s unrealized foreign exchange losses on power purchases increased from $7.3 million in the last financial year to $34.9 million.
- During the year, power purchases rose from $770 million to $943 million, primarily due to unrealized foreign exchange losses. Finance costs increased significantly by 89%, from $83 million to $158 million, mainly driven by the depreciation of the Kenyan shilling.
Utility Kenya Power has reported a net loss of $21 million for the year ending June 30, 2023, attributed to the impact of currency fluctuations and the strengthening of the dollar amidst soaring electricity costs.
During the review period, unrealized foreign exchange losses on power purchases increased from $7.3 million in the previous financial year to $34.9 million. This was a result of the depreciation of the Kenyan …