Kenya Power has attributed the expected profit slump to the rapid depreciation of the Kenyan shilling against major global currencies which has sharply raised its obligations.
The utility has had a tough financial year during which the 15 per cent power cut that was put in place last year ate into nine months of the current year as well as the continued slump of the local currency.
Kenya Power has issued a profit warning indicating that its net profit for the financial year ending June 2023 will be at least 25 per cent lower than its profit for the previous financial year.
The company earned Sh3.5 billion in profit after tax in the year to June 2022 with the profit alert that was sent to the Capital Markets Authority (CMA) on Friday, meaning the firm sees its earnings fall below Sh2.62 billion.
