Kenya Power records Sh12 billion gross profit

[Sammuel999]

Reasons why i believe geza is petty hater ...when any company in kenya makes a loss he usually starts an over hyped thread about how Bad kenyan companies are

Red quoting threads and things like that kenyans never do that on Tanzanian companies just Today The largest Bank in Tanzani has recorded a heavy loss ... How???? Beats me how a 7.2% growth rate economy can have banks recording losses but still Today Kplc has made Enomours profits ..


KQ Has started making profits

Na bado

Ndio tunaanza tu

Kenya Power has recorded a Sh12 billion profit before tax for the year ended June 30.
CEO Ben Chumo attributed this to a sustained favourable business environment and sales that grew 3.6 per cent from 7.130 billion to 7.385 billion units.
Chumo said the profit led to an 11.9 per cent increase in sales revenue, from Sh77.8 billion the previous year to Sh88 billion.
"It will see a full and final dividend of Sh0.30 per ordinary share paid for the year instead of the interim dividend of Sh0.20 paid at half year," he said.
The power purchasing cost, excluding fuel costs and foreign exchange, increased by Sh6.9 billion to Sh51.4 billion.
This, Chumo said, was due to an increase in energy charges resulting from growth in unit purchases.
But he noted fuel costs decreased by Sh13 billion to Sh12.7 due to increased reliance on geothermal and hydro sources.
"The countrywide network upgrade has resulted in an 18.3 per cent increment in transmission and distribution expenditure to Sh28.7 billion," he added.
Kenya Power's half-year net profit dropped by 16.4 per cent in February despite increased revenue.
This was due to higher power purchase costs from additional capacity and growth in distribution costs.
The utility firm announced that profit after tax for the period ended December 2015 dropped to Sh3.76 billion from Sh4.5 billion, also as a result of higher repair and maintenance costs

 

[Sammuel999]

Just today Magufuli himself has declared kenya the 7th largest overall investor inTZ and the biggest african Investor in TZ employing 57,000 tanzanians and having more than 550 companies with 1.7bn$ invested in Tanzania and Selling goods worth 900mn$ to tanzania .....hapo amepita haraka .....hakui quote hata ....2 weeks from now utaona ataanza ku disapprove kila kitu magu amesema leo!!!....really petty!!

 

[tuusan]

And I'm the witness of that...alot of Kenyan product are in northen zone of Tanzania. ..salt,soap, juices,and so on.....

 

[kilam]

Mumias records Sh4.7 billion loss as Kenya’s sugar production drops
Mumias Sugar extended its net losses for the full year ended June 2016 by two per cent to Sh4.73 billion. This was attributed to “an acute shortage of quality cane particularly in the fourth quarter”.

This is an increase from a loss of Sh4.64 billion posted in 2015, the company reported in its audited financial statement on Monday. Following the rise in losses, the firm's directors did not recommend payment of dividends.

The listed miller, however, posted improved revenues which grew by 13.6 per cent to Sh6.28 billion, from Sh5.53 billion posted in 2015.

This, it said, was “due to higher sugar and ethanol sales volume, and realisation of higher net sugar prices and improved brand mix”.

During the period, the company processed 1.2 million metric tonnes of sugar, compared to 1.1 million metric tonnes in 2015 – a 9.4 per cent increase.

Sugar production increased by six per cent to 75,073 metric tonnes, compared to 70,891 metric tonnes in 2015.

“Total overhead costs (inclusive of asset impairment of Sh1.39 billion) decreased by nine per cent to Sh4.5 billion. Marketing, distribution and administration costs alone decreased by Sh1.1 billion, a reduction of 33 per cent compared to previous year,” the statement signed by director Elizabeth Kyengo reads.

She said the company revalued some of its non-current assets (mainly factory plant and equipment and leasehold land), resulting in a revaluation surplus of Sh9.2 billion.

The sugar market is currently experiencing a deficit due to declining sugar production in the main sugar producing countries, impacting positively on the global sugar price and the Comesa region.

Mumias Sugar has, however, had an unstable supply with its products missing on retail shops for months.

Kyengo said the price of sugar locally has increased and is forecast to remain stable. She said Kenya has negotiated a two-year extension of the Comesa safeguards due to expire in February 2019.

“The extension has given a lifeline to the local sugar industry,” Kyengo said.

The company is implementing a turnaround strategy, which includes debt restructuring, with support of its lenders and shareholders – particularly the government, its majority shareholder.

“The company is also streamlining its internal operations with a view to optimising resource utilization and improving efficiency. Key initiatives undertaken include rehabilitation of the factory, improved capacity utilization of the ethanol plant, staff restructuring for higher productivity, accelerated cane development and enhanced engagement with cane farmers,” Kyengo said.
Mumias records Sh4.7 billion loss as Kenya’s sugar production drops