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23 Sep 2019, Gergana Bencheva, EMIS Editor

Kenya Power issues profit warning for FY 2018/19

Power distributing company Kenya Power has issued a profit warning for fiscal year 2018/2019, ended in June, CEEMarketWatch reported. The company expects its full-year earnings to decline by over 25% on an annual basis.

The drop is explained with the group’s higher costs related to the use of renewable sources. Yet, the use of such sources is in line with the company's long-term strategy.

Kenya Power issued a profit warning for the second year in a row. In fiscal year 2017/2018, the company’s pre-tax profit fell by 60% on an annual basis to KES 3.09 billion as its expenses rose by 14%, CEEMarketWatch underlined.

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Original source: CEEMarketWatch