Treasury Cabinet Secretary Henry Rotich and Energy Principal Secretary Joseph Njoroge have offered themselves for re-election on the Kenya Power and Lighting (KPLC) board of directors, the two were slated for retirement by rotation but remain eligible for another term.
CS Rotich is also seeking re-election on the KenGen board.
In a notice of the 97th Annual General Meeting (AGM) to be held at the Safari Park Hotel in Nairobi on December 21, the company’s Acting Company Secretary Imelda Bore also informed shareholders of the required re-election of the members of the board’s audit and risk committee
“In accordance with the provisions of Section 769 of the Companies Act 2015, the following directors being members of the Board Audit and Risk Committee will be required to be elected to continue serving as members of the said Committee: Mr. Kairo Thuo, Mrs. Brenda Eng’omo, Mr. Wilson Mugung’ei, Mrs. Beatrice Gathirwa,” reads the notice.
During the AGM, the board is also expected to approve a change in the company’s name from current The Kenya Power and Lighting Company to The Kenya Power and Lighting Company Plc in compliance with the Companies Act 2015.
This comes after KPLC reported a Ksh3 billion net profit for the financial year ended June 30, 2018, a plunge from the Ksh 7.6 billion net profit it posted in the previous financial year.
Board chairperson Mahboub Mohammed attributed the dip in profits to a harsh business environment during the course of the financial year.
“The reduced economic performance was partly due to effects of prolonged electioneering period and adverse weather conditions. In view of prevailing circumstances during the period under review, our trading performance presented below was short of our expectations,” said Amb. Mohammed in a statement to shareholders last week.
KPLC’s electricity revenue grew by Ksh 5.1 billion from Ksh 120.7 billion reported in the previous year to Ksh 125.8 billion mainly due to rise in unit sales by 2.6% to 8,486 GWh from 8,272 GWh attributable to increased consumption in the domestic consumer category as a result of an increase in the number of customers.
The non -fuel power purchase costs excluding foreign exchange recovery increased to Ksh 52 billion from Ksh 50 billion the previous year attributable to an increase in units purchased from geothermal sources from 4,451 GWh to 5,053 GWh.