Kenya Power and Lighting Company PLC has reported a profit after tax of KSh24.99 billion for the financial year ended June 30, 2026, a modest 2.13 per cent increase from KSh24.47 billion the previous year, driven by higher electricity sales, improved network efficiency and a sharp reduction in finance costs.
Revenue grew 8.65 per cent to KSh238.24 billion from Ksh219.29 billion, supported by a 12 per cent increase in electricity sales to 12,777 GWh and the connection of 411,710 new customers. The cost of power purchases rose to KSh152.65 billion from KSh144.66 billion, reflecting higher energy volumes and demand.
In a statement accompanying the results, the Chairman framed the year as one of fundamental strengthening.
“Sustained attention to the fundamentals of the business continued to deliver improvements in liquidity, leverage and operational efficiency. Revenue grew to KShs.238.24 billion as at end of June 2026 from KShs.219.28 billion the previous year. The cost of power purchases increased to KShs.152.65 billion from KShs.144.66 billion the previous year, reflecting higher energy volumes and demand. Despite these cost pressures, the Company remained profitable, recording a net profit of KShs.36.01 billion during the period.
“A particularly significant milestone was the Company’s return to a positive equity position, transitioning from a negative of KShs.19.21 billion at 30th June 2025 to a positive of KShs.131.90 billion at 30th June 2026, an increase of KShs.211 billion. As the Company’s financial performance and balance sheet continue to strengthen, we remain focused on delivering sustainable value to shareholders. The weighted average price of the Company’s shares increased from KShs.1.15 recorded in June 2025 to KShs.1.715 in June 2026, representing a 49.13% increase. This performance reflects the Company’s strengthening financial and operational fundamentals, ongoing transformation agenda and enhanced corporate reputation,” the report read.
The KSh36.01 billion figure cited by the Chairman is profit before tax, not net profit after tax. The audited financial statements identify profit after tax as KSh24.99 billion, after an income tax expense of KSh11.03 billion.
The balance sheet transformation was the standout development of the year. Working capital swung from a KSh19.21 billion deficit to a KSh1.90 billion surplus – the company’s first positive position in a decade.
Total borrowings declined to KSh79.82 billion from KSh87.64 billion, cutting finance costs by 34.7 per cent to KSh3.08 billion. System losses fell to 18.58 per cent from 21.21 per cent, lifting the gross margin to KSh85.59 billion.
Managing Director and CEO Joseph Siror attributed the performance to operational discipline.
“In the period under review, we connected 411,710 new customers; 226,803 commercial customers, including 539 public schools and 14 public health facilities. These connections contributed to an additional 1,617 GWh of sales and approximately KShs.4.05 billion in revenue, demonstrating that access expansion creates both social and commercial value,” he said.
He added that the year ahead would focus on grid reliability, loss reduction, revenue collection and new revenue streams.
The board has recommended a final dividend of KSh1.20 per ordinary share, which together with the KSh0.30 interim dividend paid in March brings the total payout for the year to KSh1.50 per share – a 50 per cent increase from the KSh1.00 paid for the previous financial year. The final dividend is subject to shareholder approval at the 105th Annual General Meeting scheduled for November 27, 2026, with payment expected on or about December 31, 2026.
Operating profit slipped 2.3 per cent to KSh38.57 billion as operating costs climbed 26.7 per cent to KSh53.75 billion, driven by higher credit-loss provisions, staff costs and depreciation on an expanded asset base. Earnings per share rose to KSh12.81 from KSh12.54.
Kenya Power’s shares have re-rated sharply on the turnaround, with the volume-weighted average price rising 49.13 per cent to KSh17.15 by June 2026. The stock has continued to climb since, trading above KSh22 in October.
