Nairobi — Kenya Power's profit after tax for the full year ending June 30, 2023, has dropped to Sh3.19 billion on a weak shilling.
The net profit declined from Sh3.26 billion, which was posted during a similar period last year.
"The positive performance above was eroded by exceptionally high finance costs which increased significantly by 89% from KShs.12.76 billion to KShs.24.15 billion mainly driven by the depreciation of the Kenya shilling against major international currencies," KPLC says in its audited financial statement.
"In the period, the Kenya Shilling depreciated by 19% from KShs. 118 per USD in June 2022 to KShs.140 per USD in June 2023," the utility firm adds.
However, its operating profit improved from 17.1 billion to 19.2 billion.
Likewise, electricity sales revenue expanded by 21 percent from Sh157.3 billion to Sh190.9 billion, supported by a growing customer base.
Power consumption within commercial and industrial customer segments increased unit sales from 9,163 GWh to 9,566 GWh.
"The overall fundamentals remained stable despite the challenging macroeconomic environment that was characterised by a depreciating shilling and an increase in the overall cost of doing business," said Kenya Power Managing Director and CEO Joseph Siror.
