KenGen to payout sh.1.98 billion dividend to shareholders

Electricity company KenGen will be paying its shareholders sh.1.98 billion in dividends./COURTESY

Kenya Electricity Generating Company PLC (KenGen) will pay its shareholders sh.1.98 Billion in dividends.

This follows Thursday’s approval by shareholders of the Board’s recommendation for a first and final dividend payment of sh.0.30 per ordinary share of sh.2.50.

The dividend payout for the year ended June 2020 is an increase from the sh.1.65 billion paid to the shareholders in 2019.

Speaking during the Company’s 68th Annual General Meeting, KenGen Managing Director & CEO, Mrs. Rebecca Miano, said the Company’s capacity expansion and diversification agenda had contributed to the results and growth achieved during the year the year.

“The progress we have been able to make as an institution has mainly been driven by deliberate strategic decisions taking into account the prevailing operating environment, business sustainability, trends and market needs,” she said.

During the year ended June 2020, KenGen announced a sh.13.9 billion profit before tax which translated into 18% growth from the previous financial year during which the company announced sh.11.6 billion profit before tax.

The company’s profit after tax improved from sh.7.88 billion to sh.18.4 billion, an increase that the company attributed to a sh.8.1 billion reduction in corporate tax rate from 30% to 25% as per the government’s relief measures to support companies navigate through the COVID-19 crisis.