KenGen Delays 2020 Financial Results

Kenya Electricity Generating Company PLC, commonly called KenGen has delayed the release of its audited financial results for the year ended 30th June 2020. 

The firm’s Company Secretary and Legal Affairs Director, Paul Ndungi says the Capital Markets Authority is aware of the delay and has already granted them an approval.

KenGen was expected to have released their financial results by 15th December but CMA has decided to publish the statements by 31st January 2021.

The utility company’s 68th Annual General Meeting has also been postponed according to Ndugi.

He added that they will also not be in a position to convene the company’s 68th annual general meeting for the year ended 30th June 2020 by 31st December 2020 as required by the company’s act No 17 of 2015. ”

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The company’s profit after tax declined to 7.88 billion kSh for the year ended June 30th, 2019.

However, the company’s energy sales grew from 7,989 GWh in 2018 to 8,277 GWh despite dilution of the market share following new entrants mostly in alterative energy.

KenGen’s total revenue grew from 45.30 billion KSh in 2018 to 45.97billion KSh in 2019, leading to a 1.5 percent growth.

KenGen’s other income increased from 275 million KSh to 619 million KSh, mainly as a result of consultancy services, insurance compensation and tax refund.

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