Kengen pays Ksh1.15B to National Treasury as 2019 dividend
Leading power producer Kenya Electricity Generating Company PLC (KenGen) on Tuesday paid the National Government Ksh. 1,153,856,022 in dividends for the financial year ended June 2019.
The National Treasury & Planning Cabinet Secretary, Amb. Ukur Yatani, received the cheque from KenGen Board Chairman, General (Rtd.) Samson Mwathethe.
Also present during the cheque presentation ceremony held at the National Treasury was KenGen MD and CEO Rebecca Miano.
The National Treasury CS lauded KenGen’s positive financial performance adding that as Government, they were proud to be associated with the company.
The Government owns 70% stake at KenGen while 30% is owned by private shareholders.
CS Yatani noted that as the country’s leading energy producer, KenGen was a major player in the Government’s efforts towards the country’s growth and development.
“Energy is critical for the country’s growth and development. We take cognizance of the important role played by KenGen in growing the economy,” the CS said.
During the event, Gen. Mwathethe said: “We are indeed privileged and honoured to pay the Government Ksh. 1,153,856,022 in dividend at a time when businesses are facing enormous challenges occasioned by the Coronavirus Disease (COVID-19) pandemic.”
He expressed gratitude to the Government for consistent support over the years, saying it had contributed to KenGen’s growth and positive performance.
For the year ended June 2020, KenGen announced a Ksh. 13.9 billion profit before tax.
The Board has recommended a first and final dividend for the year of Ksh 0.30 per ordinary share of Ksh 2.50, which will be paid to shareholders once ratified in the next annual general meeting (AGM), Gen. Mwathethe said.
Speaking at the event, Mrs. Miano said KenGen’s diversification strategy was bearing fruit as the organization had been able to incorporate new business lines in its revenue streams including consultancy services.
The company is currently offering geothermal drilling services and undertaking geoscientific studies in Kenya and Ethiopia.
She also expressed optimism in the company’s ability to navigate the COVID-19 Pandemic which led to widespread socio-economic challenges.