KENGEN INCREASES DIVIDEND AS SHAREHOLDERS APPROVE BIG GROWTH PLANS AT 73RD AGM

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KenGen CEO Eng. Peter Njenga (center) address the media during the company’s 73rd Annual General Meeting, where shareholders endorsed increased dividends and the firm’s expansion plans.
(Photo credits)
By: Gladys K 

Kenya Electricity Generating Company PLC (KenGen) has increased its dividend after reporting a strong financial year. Shareholders approved the higher payout during the company’s 73rd Annual General Meeting held in Nairobi on Thursday, where they also supported KenGen’s long-term growth plans.

For the financial year ending June 30, shareholders agreed to a dividend of Ksh.0.90 per share, up from Ksh.0.65 last year. This increase follows a 54% jump in profit after tax to Ksh.10.48 billion, boosted by lower costs, more revenue from new activities, and better foreign exchange conditions.

Board Chairman Hon. Alfred Agoi said the improved dividend shows the company is financially strong and focused on giving value to shareholders.

“This dividend uplift is not only a reflection of strong financial results but a reaffirmation of KenGen’s commitment to delivering value to shareholders,” he said.

Kenya’s economy remained stable through 2024–25, and electricity demand continued to rise. In November, the country recorded its highest-ever power use, with peak demand reaching 2,418.77MW and energy dispatch at 44,555.80MWh.

KenGen stayed at the center of Kenya’s power supply, providing about 60% of the electricity used in the country. Its current installed capacity is 1,786MW, which produced 8,482GWh during the year.

While total revenue stood at Ksh.56.1 billion, the company’s income from other activities grew sharply by 235%, thanks to geothermal consultancy work in Eswatini and other regional markets. Operating costs dropped by 11% to Ksh.35.1 billion as KenGen strengthened cost controls and improved efficiency.

The company also reported Ksh.1.45 billion in net foreign exchange and fair value gains, a major turnaround from a Ksh.722 million loss the previous year. Loan repayments helped reduce finance costs, further improving the company’s financial position.

Managing Director and CEO Eng. Peter Njenga said the strong performance shows that KenGen is on track with its long-term strategy.

“Our financial performance reflects our positioning as a regional renewable energy leader,” he said.

KenGen is pushing ahead with its G2G 2034 Strategy, which aims to add 1,500MW of renewable energy and 500MWh of energy storage to support Kenya’s clean energy goals.

The company is also exploring a role in the proposed 700MWh High Grand Falls hydropower project, along with new battery and pumped hydro storage options. Regionally, it is expanding geothermal consultancy activities in Ethiopia, Djibouti, Eswatini, Ngozi and Bhutan, supported by a partnership with Toshiba ESS.

The KenGen Geothermal Training Centre continues to train experts from Africa and Asia, positioning Kenya as a global leader in geothermal knowledge.

Looking to 2026, KenGen has a project pipeline of 252MW, including the 63MW Olkaria I Rehabilitation, the 42.5MW Seven Forks Solar Project, and the expansion of the 8.6MW Gogo Power Plant in Migori County. These projects are expected to boost grid stability, support industries, and strengthen Kenya’s transition to renewable energy.

Njenga said the company will continue investing in clean energy projects that grow shareholder value and support Kenya’s industrial development.


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