Kenya Electricity Generating Company PLC (KenGen) 64th Annual General Meeting (AGM) held virtually on November 3rd 2020 highlighted key business progress the company had made during the period under review.
These include two multi-million shillings contracts the company is currently undertaking in Ethiopia, unveiling of the Community Engagement Strategy, expansion of the company’s energy capacity and diversification which has been instrumental in creating new revenue streams.
In his address, KenGen Board Chairman, Joshua Choge, pointed out that the company’s capacity expansion projects will ensure KenGen continued to competitively retain its market leadership.
In 2018, the company paid its shareholder Sh2.64 billion in dividends which translated to Ksh 0.40 for every ordinary share.
During the period ending June 2019, business remained resilient despite challenging economic conditions in the country and globally, the chairman added.
To create more value for its stakeholders, KenGen is focusing on diversification, a strategy that has seen the company earn additional revenues.
During the year ended June 2019, the company’s energy sales grew from 7,989 GWh in 2018 to 8,277 GWh despite the dilution of the market share following new entrants.
KenGen’s total revenue grew from Sh45.30 billion in 2018 to Sh45.97billion in 2019, leading to a 1.5 percent growth.
Additionally, the company is exploring business growth through collaboration and partnership with development agencies.
Changes to the board
Board Chairman Joshua Choge is retiring. The CEO Rebecca Miano thanked him for ‘steady & strong leadership’, through which ‘KenGen has grown tremendously with very good financial results & increased shareholder value since 2013’
Board Member Ziporah Ndegwa is also retiring, CEO Miani thanked her ‘for her dedication & passion for the last seven years’, stating that KenGen has ‘greatly benefitted from her legal prowess to navigate through the decisions sought from the Board by Management’.
Former KDF chief Samson Mwathethe was appointed new chair to the board of KenGen.