KenGen powers up with solid Ksh.4.7bn net profit

KenGen, the leading energy producing company in Kenya, has recently announced its impressive financial results for the year, revealing a staggering profit after tax of Ksh4.7 billion. This marks a significant increase of almost 107% from the previous year's figure of Ksh1.8 billion. In a recent interview with CNBC Africa, Abraham Serem, the Acting Managing Director & CEO of KenGen, highlighted the robust performance of the company and its promising future prospects. One of the key factors driving this remarkable success has been the substantial rise in geothermal revenue for KenGen. Serem emphasized the importance of maximizing efficiencies to produce more with less, ensuring the availability of machines, optimizing costs, and seizing opportunities that come their way. The company is also focusing on innovation and attracting industries to utilize Kenya's abundant energy resources. Furthermore, KenGen has been actively expanding its operations beyond Kenya's borders, establishing projects in various African countries such as Ethiopia and Djibouti. The company's expertise in thermal technology has positioned it as a center of excellence, attracting inquiries and partnerships from both government and private entities. As African countries transition from fossil fuels to renewable energy sources, KenGen is poised to capitalize on new contracts and opportunities in the region. The company's strategic focus on geothermal and hydroelectric power generation, considered baseload energy sources, aims to stabilize the grid and meet the growing demand for reliable electricity. In addition to its core offerings, KenGen is exploring other renewable energy sources such as solar and wind power to further diversify its portfolio. By revamping existing infrastructure and collaborating with stakeholders in the energy sector, the company is committed to enhancing power generation capacity and ensuring a stable and resilient energy supply. As the global shift towards green mobility gains momentum, KenGen is also aligning its strategies to support the adoption of electric vehicles and sustainable transportation solutions. The company views green mobility as a key driver for achieving a greener and more sustainable future, with initiatives already underway in Kenya's private transport sector. With a strong financial performance, a focus on innovation and sustainability, and a commitment to Pan-African expansion and green mobility, KenGen is well-positioned to play a pivotal role in driving the energy transition and industrial development across the continent.