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Kenya Power recorded a 9.5 percent dip in pretax profit in the six months to June 2022 as increase in fuel power purchase costs hugely dented the company’s revenues. 

The utility’s profit before tax stood at Sh5.12 billion as of June 2022 compared to Sh5.66 billion recorded in the last results of December 2021. In June 2021, the utility witnessed a pretax profit of Sh8.2 billion, meaning the company has seen a profit decline of about 37.5 percent over the past one year.

The power distributor said the surge in fuel power purchase costs was because of increased dispatch of electricity from thermal energy plants during the period under review.

 “This increase in dispatch from thermal plants was due to inadequate electricity generation from hydro sources owing to failed rains, unavailability of key geothermal plants, interruption of the Loyangalani–Suswa transmission power line, and an increase in fuel prices globally during the year,” the utility said in its financial results released yesterday.