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Kenyan utility KenGen's full-year pretax profit up 7%

11/01/2021 | 09:32am EST
FILE PHOTO: Kenya Electricity Generating Company workers walk past the pylons of high-tension electricity power lines at the Olkaria II Geothermal power plant near the Rift Valley town of Naivasha

NAIROBI (Reuters) - Kenya Electricity Generating Co Ltd (KenGen) reported a 7% rise in pretax profit to 14.76 billion Kenyan shillings ($132.73 million) for the financial year ended June.

KenGen, which is 70% owned by the government, said in a statement over the weekend its annual total revenue rose 4% to 45.9 billion shillings, while operating expenses rose to 12.88 billion shillings from 10.88 billion shillings.

The company, which has an installed generation capacity of 1,818 megawatts (MW), supplies more than 60% of the power for East Africa.

KenGen said it planned to add another 83 MW to Kenya's national grid from its Olkaria unit 6 geothermal power plant by December, and is looking to jointly set up another 140 MW geothermal plant with other companies.

The company recommended a dividend payment of 0.30 shillings per share, unchanged from the last financial year.

($1 = 111.2000 Kenyan shillings)

(Reporting by George Obulutsa; Editing by Shounak Dasgupta)

ę Reuters 2021
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