Its a light dim on Kenya Power monopoly
Kenya Power net earnings for 2018 fall 63.7 percent to 1.9 billion. Revenue grew 3.8 percent to Sh95.5 billion but was weighed down with power purchase cost which shot up 4.5 percent to Sh84.1 billion.
The monopoly attributed the rise to an increase in units purchased from geothermal sources in the year by 602 GWh or 13.5 percent from 4,451 GWh from the previous year to 5,053 GWh.
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Operating profit declined 20.9 per cent to Sh10.8 billion which means every shareholder will earn 98 cents per unit a 63 percent decline.
At Sh3.65 Kenya Power’s shares are trading at the company’s lowest in a 15 year low.
Kenya Electricity Generating Company (KenGen) has already slapped it with a Sh1 billion penalty for flouting the 40-day window credit terms.
