KenGen Boosts Dividend as Shareholders Endorse Bold Expansion Plan at 73rd AGM
Kenya Electricity Generating Company PLC (KenGen) has approved a higher dividend payout following a strong financial year marked by rising profitability, cost efficiencies and expanding regional operations.
During its 73rd Annual General Meeting (AGM) held in Nairobi on Thursday, shareholders endorsed a first and final dividend of Ksh.0.90 per share, up from Ksh.0.65 the previous year. The increase comes as the company posted a 54% jump in profit after tax to Ksh.10.48 billion for the financial year ending June 30.
Board Chairman Hon. Alfred Agoi said the boosted dividend underscores KenGen’s resilient financial position and its long-term ambitions in clean energy growth.
“This dividend uplift is not only a reflection of strong financial results but a reaffirmation of KenGen’s commitment to delivering value to shareholders,” Agoi said. “We are optimizing efficiency, diversifying revenue sources and unlocking new growth opportunities in the region.”
Kenya’s electricity demand surged to historic levels in 2024–25, with national peak consumption hitting 2,418.77MW in November amid rising industrial activity. KenGen supplied about 60% of the country’s electricity, generating 8,482GWh from its installed capacity of 1,786MW.
Revenue remained stable at Ksh.56.1 billion, supported by a 235% rise in income from diversified activities, including geothermal consultancy work in Eswatini and other regional markets. Operating costs fell by 11% to Ksh.35.1 billion, reflecting strengthened cost management and operational efficiencies.
The company also registered Ksh.1.45 billion in net foreign exchange and fair value gains, a significant turnaround from last year’s loss of Ksh.722 million, aided by a more favourable currency outlook.
Managing Director and CEO Eng. Peter Njenga said the results demonstrate progress in KenGen’s strategic priorities and its leadership in renewable energy.
“We have strengthened efficiency, widened our geothermal consultancy footprint and accelerated delivery of new generation capacity both locally and regionally,” he said.
KenGen is implementing its G2G 2034 Strategy, targeting an additional 1,500MW of renewable energy and 500MWh of storage solutions. The utility is exploring participation in the proposed 700MWh High Grand Falls hydropower project, alongside battery and pumped hydro energy storage technologies.
Regionally, KenGen is expanding its geothermal consultancy portfolio in Ethiopia, Djibouti, Eswatini, Ngozi and Bhutan, supported by a partnership with Toshiba ESS. Its Geothermal Training Centre continues to train specialists from Africa and Asia, reinforcing Kenya’s global leadership in geothermal expertise.
The company enters 2026 with a 252MW project pipeline, including the 63MW Olkaria I Rehabilitation, the 42.5MW Seven Forks Solar project and the expansion of the Gogo Power Plant in Migori. These projects are expected to boost grid stability and accelerate Kenya’s transition toward fully renewable energy.
“Our investment priorities will continue to deliver sustainable energy, create value for shareholders and support Kenya’s industrial transformation,” Njenga said.