Kenya Power records Ksh.3.2 billion net loss
Kenya Power has posted a Ksh.3.2 billion net loss
for the full year ending June 30, 2023.
The electricity distributor blamed the performance
on currency fluctuation and the high cost of power purchase.
This as the Kenyan shilling continued to depreciate
against the US dollar and Euro, the currencies in which most of the power
purchase agreements are made.
During the period, finance costs rose by 89 per
cent to Ksh.24.2 billion.
To mitigate the impact of forex exposure on
operational performance, Kenya Power says it is working on restructuring its
loan book to minimise the loan obligation that is dollar-denominated.
Additionally, the company says it will continue to
tap into new business growth areas to drive demand for electricity for
sustainable growth.
Want to send us a story? SMS to 25170 or WhatsApp 0743570000 or Submit on Citizen Digital or email wananchi@royalmedia.co.ke
Comments
No comments yet.
Leave a Comment