Despite this, the utility still more than doubled its profit after tax from Sh1.5 billion to Sh3.5 billion.
This is the second financial year in a row in, which Kenya Power is recording a profit after moving from loss-making territory in 2021.
The firm said Kenya’s deteriorating currency had a huge impact both on its finance costs and profit before tax.
Expensive electricity and a weak shilling caused a Sh18.9 billion dent in Kenya Power’s books, blighting an otherwise good run that saw it triple its after-tax profits for the fiscal year that ended in June.
Kenya Power’s financials released yesterday showed that its fuel costs went up by Sh15.3 billion in the year to June 2022 compared to the previous period on nearly double uptake of costly thermal power due to rain failure and interruptions in supplies of the cheaper geothermal.
