Kenya Power has currently made a huge loss in the period to June 2020, according to an unaudited report by the Treasury. The company is in billions of debt with major power producing companies like KenGen. In the same way, its consumers are not doing their obligation by paying the electricity bills.
The company has reported a non-official net loss of Sh2.98 billion by end of June 2020. This is in comparison to the net profit of Sh262million it had announced in June 2019.
KenGen, however, reports an escalated profit of Sh10.5 billion from the one it made in June 2019. Its revenues are fairly relied from Kenya Power but even though of the debt it’s owed, it still made a fair share of profit.
In spite of the released statistics, the results of the two power companies are yet to be made official. The final results are anticipated in December 2020 for KenGen and January 2021 for Kenya Power.
They got administrative approvals from the Capital Markets Authority to hold up publishing their results. This is due to the delayed appointment of the Auditor General.
The holdup as well had the two companies delay the publication of last year’s results with the Annual General Meeting. Recently, KenGen held its AGM whereas Kenya Power will hold its AGM within the week.
In accordance to the reports made by the Treasury, KenGen has revenues of Sh46.52 billion in the period to June 2020. In contrast to Sh45.97 billion it made in the period to June 2019.
Other industries in the energy section gave their reports as well. With Geothermal Development Company reporting a profit of Sh1.58 billion while Kenya Electricity Transmission Company reports a loss.
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Kenya Electricity Transmission Company reports a loss of Sh963 million from a revenue of Sh2.67 billion. It mainly deals with construction and maintenance of high voltage line.