• Kenya Power and Lighting Company (KPLC) has reported net profit growth to KSh30 billion for the financial year ending June 30, 2024.
• This growth allowed the utility company to resume paying dividends to shareholders after a six-year drought.
• KPLC increased its dividend per share to KSh 0.7, for a total of KSh 1.3 billion for the same period under review.

TUKO.co.ke journalist Wycliffe Musalia has over five years of experience in financial matters, businessand technology reports and provides in-depth insight into Kenyan and global economic trends.

Kenyan energy and Lighting Company (KPLC) announced the payment of dividends to shareholders for the first time after six years of drought.

The electricity distributor increased its dividend to KSh 0.7 per share after announcing a net profit of KSh 30.08 billion for the fiscal year ending June 30, 2024.

Read also

KPLC and KenGen cumulatively post KSh40 billion profit: is it time to revise electricity tariffs?

When was KPLC’s last dividend payment?

KPLC’s last dividend payment was in 2017, when stakeholders pocketed KSh0.5 per share.

KPLC Managing Director (MD) Joseph Siror said the company increased its dividends in the year under review after shrugging off losses and debt burden in a strong market. Kenya shilling.

Siror also attributed the profit growth to increased electricity sales during the same period.

“We have decided to start paying dividends to shareholders again after recording this good performance. We will maintain the trend,” Siror said when publishing results on Monday, October 28.

If approved by the KPLC Board of Directors, the dividend will be paid on or about January 31, 2025 to shareholders of record at the close of business on December 2, 2024.

Read also

KenGen posts KSh6.8 billion net profit on increased green energy production

The Board noted that the Company’s recent share price rally reflects renewed investor confidence and that it is determined to maintain this confidence by maintaining robust, resilient and dynamic business strategies.

KPLC stock price at NSE

The increase in profits and distribution of payments saw the Nairobi Gain in value of the share price of a company listed on the Securities Exchange (NSE).

On Tuesday, October 29, KPLC shares on the NSE gained 49.7% to KSh5.24 per share, up from KSh3.5 per share previously.

In September 2024, Kenya Power stocks hit their highest price in five years, closing at KSh3.62 on September 23 and at KSh3.42 on September 27.

Who is the largest shareholder of KPLC?

The National Treasure remains the main shareholder in Kenya Power, holding 50.09% of the total shares.

Kenya Power holds a total of 1,953,617,045 shares, with East African institutional shareholders holding the largest share at 64.64%.

The top 20 shareholders, including notable banks in the country, account for 64.46% of Kenya Power’s total shares.

Source: TUKO.co.ke