KenGen delays full-year results by a month

KenGen, Kenya’s biggest electricity producer, will delay by a month the publication of its financial results for the year ended June, the company said at the weekend.

The State-controlled company must secure approval for reporting its financial results from the government’s new auditor general, who is expected to be appointed as the previous occupant retired in August.

The company was expected to post its earnings by the end of this month, in line with market rules that require companies to publish their results within three months of the close of the review period.

“KenGen has sought the approval of the CMA (Capital Markets Authority) to publish the results on or before November 30, 2019,” the company said in a statement.

It recorded a flat growth in net profit for half-year ended December on static revenues.

Then, the firm that is listed on the Nairobi Securities Exchange said profit after tax was Sh4.124 billion in July-December of last year, a marginal 0.7 percent rise over similar period a year earlier.

The power firm’s gross earnings fell by 0.62 percent to Sh22.19 billion from Sh22.32 billion reported 12 months before.