Kenya Power and Lighting Company (KPLC) has recorded Ksh2.5 billion (US$25.9 million) in net profit for the half year period to December 31, 2018, on increased earnings from sales of electricity in Kenya.
During the trading period, revenue from electricity sales increased by 21.3 per cent from Ksh46.93 billion (US$468.6 million) to Ksh56.95 billion (US$ 568.6 million).
The revenue growth was as a result of increase in unit sales where the utility sold 4,106 GWh as at 31 December 2018 compared to 3,893 GWh as at 31 December 2017.
Units purchased increased by nine per cent to 5,324 GWh from 4,882 GWh recorded in the previous similar trading period.
In an effort to enhance power supply, connect more customers, the transmission and distribution costs increased by 37.3 per cent to Ksh21.7 billion (US$216.7 million) from Ksh15.8 billion (US$157.7 million) recorded during the period ended 31 December 2017.
Finance costs increased by 23.5 per cent to Ksh4.02 billion (US$40.1 million) from Ksh3.25 billion (US$32.4 million) incurred in the half year period to December 31, 2017.
“The Company continues to undertake initiatives to improve power supply, enhance reliability by having a robust distribution network,” Kenya Power’s acting Managing Director & CEO Engineer Jared Othieno said.
“The current focus is on customer satisfaction where in line with our corporate strategy, we are transforming customer experience by improving operations at customer touch points, simplifying processes for efficient service delivery and embedding positive organizational culture,” he added.
The firm is listed at the Nairobi Securities Exchange, East Africa’s leading bourse.