Nairobi, Thursday, February 6, 2025: The Kenya Electricity Generating Company (KenGen) PLC, East Africa’s largest electricity producer, has reported a 79% growth in profit after tax for the six months ending 31st December 2024, accentuating the company’s resilience in a shifting energy landscape.
The NSE-Listed (KEGN) power producer posted a net profit of Ksh.5.30 billion, up from Ksh.2.96 billion in the same period last year, a gain primarily driven by aggressive cost-cutting measures and enhanced operational efficiencies.
At the same time, KenGen achieved a 49.4% increase in operating profit, reaching Ksh.6.65 billion from Ksh.4.45 billion in the previous period. This improvement was fueled by a 13.7% reduction in operating expenses, which fell to Ksh.17.67 billion from Ksh.20.47 billion. Revenues, on the other hand, remained stable at Ksh.27.5 billion.
“This performance is a testament to KenGen’s financial discipline and strategic focus on efficiency,” said Eng. Peter Njenga, the company’s Managing Director and CEO. “We are optimizing our assets, streamlining operations, and leveraging our leadership in renewable energy to drive long-term value for our shareholders and the country.”
The company’s finance income rose to Ksh.2.45 billion from Ksh.1.87 billion, augmented by higher returns on cash investments and a more stable Kenyan shilling. Meanwhile, finance costs dropped to Ksh.1.13 billion from Ksh.1.49 billion, reflecting improved capital management and debt optimization.
KenGen remains at the forefront of Kenya’s renewable energy transition, supplying 4,291GWh of electricity in the half-year period, up from 4,211GWh in the previous period. This increase was primarily supported by improved hydrology and availability of our generation fleet.
Looking ahead, KenGen is focused on expanding its renewable energy portfolio under its G2G 2034 Strategy, a long-term blueprint aimed at bolstering Kenya’s green energy transition. Between 2025 and 2027, the company plans to add 194.4MW of installed capacity across geothermal, hydro, and solar projects, along with 100MWh of battery energy storage to enhance grid stability.
With a strong balance sheet and a firm commitment to sustainability, KenGen is positioning itself as a key player in Africa’s clean energy future. However, the company’s Board has opted not to declare an interim dividend for the period, prioritizing reinvestment and long-term strategic growth to maximize shareholder value.
KenGen’s earnings per share (EPS) surged by 78% to Ksh.0.80, up from Ksh.0.45, reinforcing the company’s ability to create shareholder value in a dynamic energy market.
“We are driving the future of energy in Kenya,” said Njenga, adding: “Our commitment to operational excellence and innovation ensures that Kenyans will continue to benefit from reliable and affordable electricity for years to come.”
KenGen remains at the heart of Kenya’s transition to a low-carbon energy future, leveraging its geothermal stewardship and renewable energy expertise. With a resilient business model, strong financial fundamentals, and a clear vision for growth, KenGen is primed to play a catalytic role in shaping the future of Africa’s energy industry.
Ends/
Note to Editor:
About KenGen
Kenya Electricity Generating Company PLC - KenGen is the leading electricity generation company in the Eastern Africa region, with an installed generation capacity market share of more than 60%. The company’s primary business is to provide safe, reliable, and competitively priced electric energy for the country in an environmentally friendly and sustainable manner while creating value for its stakeholders.
Today, KenGen PLC has an installed generation capacity of 1,785MW, of which over 93% is drawn from green sources, namely Hydro (826MW), Geothermal (754MW), and Wind (25.5MW). The balance is from Thermal.
For media queries, please contact: Frank D. Ochieng, Tel:0721816896 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.
NAIROBI, Monday, December 9, 2024: Kenya Electricity Generating Company (KenGen) PLC, the largest producer of renewable energy in East Africa, swept three top awards this past weekend, affirming its leadership in financial reporting, sustainability, and supply chain management. The accolades come as the state-owned company forges ahead with its ambitious 10-year ‘Good to Great (G2G) strategy, aimed at transforming operations and scaling renewable energy capacity.
At the 2024 Financial Reporting (FiRe) Awards, KenGen was named the top State Corporation for financial reporting under IFRS Accounting Standards. This accolade celebrates the NSE-Listed company’s outstanding achievements in financial reporting and ESG integration, marking it as a benchmark for corporate transparency and governance.
The FiRe Awards, widely regarded as the most prestigious financial reporting recognition in East Africa, are organized by the Institute of Certified Public Accountants of Kenya (ICPAK) in partnership with the Nairobi Securities Exchange (NSE), Capital Markets Authority, and other key stakeholders.
“These awards are more than recognition, they are proof of KenGen’s dedication to financial responsibility, integrity, innovation, and sustainable development,” said Eng. Peter Njenga, the company’s managing director and chief executive officer. “As we celebrate this success, we are equally focused on the next decade, guided by the transformative goals of our G2G strategy.”
KenGen also emerged victorious at the 2024 Kenya Institute of Supply Chain Management (KISM) Awards, earning the Sustainable Procurement Award. This honour recognized KenGen’s exemplary efforts in embedding environmental stewardship into its supply chain operations.
The company’s innovative protocols for managing sensitive materials like fuel and its significant investments in eco-friendly infrastructure have set a new industry standard. In securing this award, KenGen outperformed giant corporations in private and public sector, further cementing its reputation for responsible business practices.
In a pioneering achievement, KenGen’s Supply Chain Manager, Beatrice Koskei, won the inaugural Supply Chain Women Leader award. Competing against industry stalwarts, Koskei was lauded for her visionary leadership and transformative impact in a traditionally male-dominated field. This award, introduced in 2024, is a significant step forward in recognizing the role of women in shaping supply chain excellence.
“We are proud of our team who continue to inspire me every day. The awards are a testament to our team’s commitment not only to grow KenGen but to exceeding stakeholder expectations and advancing Kenya’s sustainable development goals,” said Eng. Njenga.
Njenga emphasized that the accolades align with KenGen’s strategy of operational excellence across all business dimensions, from financial transparency to environmental stewardship. He added, “This recognition inspires us to continue leading by example, setting new benchmarks for corporate responsibility for the good of all Kenyans.”
Koskei, speaking about her historic recognition, highlighted her focus on empowering women in the supply chain sector. “Through mentorship programs and supplier diversity initiatives, we are breaking barriers and creating meaningful opportunities for women in this field. It is an honour to represent KenGen and to pave the way for more women leaders in their respective careers,” she said.
KenGen’s recognitions at the FiRe Awards and KISM Awards, are a powerful affirmation of its position as an industry trailblazer. They underscore the company’s role in shaping a sustainable, inclusive, and innovative corporate landscape for Kenya and the region.
Ends…/
Note to Editor:
About KenGen
Kenya Electricity Generating Company PLC - KenGen is the leading electricity generation company in the Eastern Africa region with an installed generation capacity market share of more than 60%. The company’s primary business is to provide safe, reliable, and competitively priced electric energy for the country in an environmentally friendly and sustainable manner while creating value for its stakeholders.
Today, KenGen PLC has an installed generation capacity of 1,785MW, of which over 93% is drawn from green sources namely: Hydro (826MW), Geothermal (754MW), Wind (25.5MW). The balance is from Thermal.
For media queries please contact: Frank D. Ochieng, Tel:0721816896 Email: This email address is being protected from spambots. You need JavaScript enabled to view it.or This email address is being protected from spambots. You need JavaScript enabled to view it.
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