Kenya Power and Lighting Profits Jumps

28 October 2009 (Last Updated October 28th, 2009 18:30)

Kenya Power & Lighting, the East African nation’s monopoly power distributor, said its annual profit jumped 82% after it raised tariffs. Net income for the year through June increased to Ksh 3.23bn ($42.9m), or Ksh 40.78 a share, from Ksh 1.77bn, or Ksh 22.30 a share a year earlier,

Kenya Power & Lighting, the East African nation’s monopoly power distributor, said its annual profit jumped 82% after it raised tariffs.

Net income for the year through June increased to Ksh 3.23bn ($42.9m), or Ksh 40.78 a share, from Ksh 1.77bn, or Ksh 22.30 a share a year earlier, reports Bloomberg.

“This was mainly due to the tariff increase in July 2008, gains from reduction in system losses and enhanced operating efficiency,” managing director Joseph Njoroge said in the statement published in the Daily Nation newspaper.

Revenue rose to 59% to Ksh 66.36bn, and the company has doubled its annual dividend to Ksh 8 a share, he added.