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GoK Richer After Receiving Sh1.5bn Dividend

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KenGen dividends and profits 2019
National Treasury Cabinet Secretary, Amb Ukur Yatani (second left), Chief Administrative Secretary Nelson Gaichuhie (left), KenGen Board Chairman, General (Rtd.) Samson Mwathethe and KenGen Managing Director and CEO, Mrs Rebecca Miano, during the event. [ Photo / Business Today ]
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Power producer, Kenya Electricity Generating Company PLC (KenGen), on 9th Jan. 2020 paid the National Government Ksh1,153,856,022  in dividends for the financial year ended June 2019, offering a major boost for a country reeling under huge public debt.

The National Treasury & Planning Cabinet Secretary, Amb. Ukur Yatani, received the KenGen dividend cheque from Board Chairman, General (Rtd.) Samson Mwathethe. Also present during the cheque presentation ceremony held at the National Treasury was KenGen Managing Director & CEO, Mrs Rebecca Miano.

The National Treasury CS hailed KenGen’s positive financial performance. The Government owns 70% stake in 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 country’s growth and development. “Energy is critical for the country’s growth and development,” Mr Yatani said. “We take cognizance of the important role played by KenGen in growing the economy.”

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.

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For the year ended June 2020, KenGen announced a Ksh13.9 billion profit before tax. The Board has recommended a first and final dividend for the year of Ksh0.30 per ordinary share of Ksh2.50, which will be paid to shareholders once approved in the next annual general meeting (AGM).

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.

Written by
BT Reporter -

editor [at] businesstoday.co.ke

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