Nairobi — Kenya Electricity Generating Company PLC (KenGen) has announced a Sh1.32 billion dividend payout to its shareholders for the year ending June 30, 2022.
The announcement comes after the energy-producer posted a Sh4.7 billion profit after tax.
Earlier, KenGen's Board owners recommended a first and final dividend payment of Sh0.20 for every ordinary share of Sh2.50 at the company's 70th Annual General Meeting (AGM).
The government, which owns 70 percent shares at the NSE-listed company, will receive approximately Sh924 million payout with private individual and institutional shareholders sharing the rest.
"Our business growth is firmly anchored on our energy generation expansion strategy. In the last financial year, this strategy saw the addition of 86MW Olkaria I Additional Unit 6 into the national grid," KenGen Board Chair Samson Mwathethe said during a virtual AGM meeting today.
"our diversification approach on different areas such as geothermal development also played a huge role in creating more value to our shareholders."
On his part, KenGen Acting Managing Director and CEO Abraham Serem reiterated the Company's 2023 priority on new technologies to generate more electricity using the existing power plants.
"This year, we plan to leverage new technologies to rehabilitate our oldest geothermal power plant whose first unit was commissioned in 1981, the 45MW Olkaria I. This project seeks to give it a new lease of life and increase its generation capacity to about 63MW."
KenGen also plans to add 305MW in geothermal power projects of 280MW in Olkaria and 25MW at the Eburru in coming years.
Project constructions will commence after requisite approvals.
Additionally, the company is rolling out plans to up-rate the turbines for the Olkaria I Additional Units 4 and 5 and Olkaria IV power plants that will increase their output by an additional 40MW to increase Kenya's energy supply and catalyze the country's economic growth.
KenGen is also betting on diversification in geothermal consultancy and e-mobility development to drive its financial sustainability in both the current and coming financial years.
