Kenya Electricity Generating Company (KenGen) has declared a dividend payout of Ksh.4.3 billion to its shareholders following a strong financial performance for the year ending June 30, 2024.
The announcement comes after the company posted a Ksh.6.8 billion profit after tax, driven by increased power generation, revenue diversification, and improved operational efficiencies.As the majority shareholder, the Government of Kenya has received Ksh.3 billion from the dividend payout, marking a significant 117 percent increase in per-share earnings compared to the previous year.
This boost in returns underscores KenGen’s robust financial management and strategic expansion efforts.KenGen’s improved profitability is largely attributed to higher electricity production, particularly from its renewable energy sources, including geothermal, hydro, and wind.
The company has also expanded its revenue streams through strategic partnerships and consultancy services in geothermal drilling across Africa.“The strong financial results reflect our commitment to operational efficiency, revenue diversification, and sustainable energy production. We remain focused on enhancing shareholder value while supporting Kenya’s energy goals,” KenGen’s management stated.
KenGen has played a critical role in Kenya’s energy sector, supplying over 60 percent of the country’s electricity. Its continued investment in renewable energy aligns with Kenya’s clean energy transition and long-term sustainability goals.
With the increased dividend payout, shareholders are set to benefit from the company’s growth, reinforcing confidence in KenGen’s long-term profitability. As Kenya pushes for greater energy security and economic stability, KenGen’s success is expected to have a positive ripple effect on the wider economy.
