Kenya Electricity Generating Company (KenGen) has announced the successful payout of dividends to its private shareholders.
This follows the approval by shareholders at the 71st Annual General Meeting (AGM) held on November 30, 2023.
A total of 190,784 shareholders, constituting 30% of KenGen’s shareholder base, received a substantial net dividend amounting to Sh545,219,739.63. This milestone payout is part of the approved Sh1.978 million dividend allocation for the fiscal year ending June 30, 2023, marking one of the highest dividends distributed by KenGen since its 2016 Rights Issue.
The NSE-listed company’s decision to distribute a first and final dividend payment of Sh0.3 per share, totaling Sh1.9 billion, reflects the company’s commitment to rewarding its shareholders in alignment with its robust financial performance.
The dividend disbursement follows the company’s impressive profits after tax, amounting to Sh5.2 billion in the last financial year, highlighting KenGen’s financial health and stability over the years.
During the AGM, KenGen Board Chairman, Julius Ogamba, attributed the company’s success to strong business fundamentals, an innovation-driven culture, and a resilient expansion strategy.
Mr Ogamba emphasized that the company’s revenue witnessed a commendable 14% increase, reaching Sh53.96 billion, underscoring KenGen’s financial robustness.
For his part, KenGen Managing Director and CEO, Eng Peter Njenga, reiterated the company’s 2024 priorities, emphasizing a focus on new technologies to enhance electricity generation using existing power plants.
Eng Njenga affirmed KenGen’s commitment to meeting the rising demand for clean energy in Kenya through initiatives like power plant rehabilitation and up-rating of existing assets.
“We understand the central catalytic role energy plays in our country’s economic development and to this end, we remain focused on our 2024 and long-term strategic priorities to not only meet the growing energy demand but also offer green energy solutions to Africa,” said Eng Njenga.
KenGen’s strategic move towards diversification in geothermal consultancy and its green energy park in Olkaria further solidifies its position for financial sustainability in the current and future years.
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