Nairobi, Tuesday November 3rd, 2020:
Kenya Electricity Generating Company PLC (KenGen) has announced dividend payout of Ksh.1.65 billion to its 190,000 shareholders.
This follows approval of the Board’s recommendation by shareholders to pay a final dividend of Ksh 0.25 for the year for every ordinary share of Ksh 2.50.
The shareholders made the decision during the company’s 67th Annual General Meeting (AGM) held today through a virtual platform.
The announcement comes at a time when Kenya and the world at large is facing challenges and restrictions brought about by the Coronavirus Disease (COVID-19).
Speaking during the AGM, KenGen Managing Director & CEO, Mrs. Rebecca Miano, expressed optimism in the company’s long-term diversification strategy which she said was already bearing fruit.
Mrs. Miano singled out two recent geothermal drilling contracts KenGen won and is currently implementing in Ethiopia, which she said has been instrumental in creating new revenue streams for the company.
In his address, KenGen Board Chairman, Mr. Joshua Choge, pointed out that the company’s capacity expansion projects will ensure KenGen continues to competitively retain its market leadership going forward.
Mr. Choge said that KenGen business remained stable during the period ending June 2019, despite going through one of the most challenging economic seasons experienced in the country and globally.
During the year ended June 2019, the company’s energy sales grew from 7,989 GWh in 2018 to 8,277 GWh despite the dilution of the market share following new entrants. KenGen’s total revenues remained stable growing by 1.5% from Ksh 45.30 billion in 2018 to Ksh 45.97 billion in 2019.
Additionally, the company is exploring business growth through collaboration and partnerships with development agencies.