Kenya Power turnaround from Ksh 7b loss to Ksh 8b profit in a year
Kenya Power recorded a 216 per cent growth in pre-tax profit to Ksh8.2 billion in a complete turnaround from the Ksh 7.04 billion loss before tax posted last year.
The power distributor says performance was mainly driven by growth in sales and revenue, as well as a double-digit reduction in costs and expenses.
An increase in economic activities as a result of easing Covid-19 restriction measures which saw increased uptake of electricity driving up Kenya Power’s revenue to Ksh126 billion.
While operating costs dropped by Ksh7.97 billion to Ksh 39.86 billion, the company is projecting a further drop in costs which went down to Ksh9.05 billion this year.
“We have commissioned forensic audits in various departments of the company to identify areas of waste and loss and to facilitate the implementation of remedial measures as part of the business reform
and restructuring process,” said Viienne Yeda the board chair.