{"id":23189,"date":"2021-02-25T21:48:32","date_gmt":"2021-02-25T21:48:32","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/?p=23189"},"modified":"2021-02-25T21:48:32","modified_gmt":"2021-02-25T21:48:32","slug":"corona-hurts-kenya-power-profit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/corona-hurts-kenya-power-profit","title":{"rendered":"Corona hurts Kenya Power profit"},"content":{"rendered":"

AfricaPress-Kenya:<\/strong> Kenya Power\u2019s profit after tax for the first six months trading period ended December 31, 2020 fell by 80 per cent, hurt by the coronavirus pandemic.<\/p>\n

The power distributor said yesterday its net profit fell to Sh138 million for six months from Sh692 million in the same period of 2019.<\/p>\n

It blamed the loss on the effects of Covid-19 restrictions last year that depressed its sales.<\/p>\n

Revenue from contracted customers fell marginally to Sh69 billion last year from Sh69.6 billion in the same period of the previous year.<\/p>\n

The firm said the measures put in place by the government to contain the spread of the coronavirus suppressed demand for electricity and revenue collection.<\/p>\n

\u201cThe pandemic had a primary impact on our sales and revenue collection as companies scaled down operations and customers were unable to meet their bill obligations on time due to suppressed incomes,\u201d said Kenya Power Managing Director Bernard Ngugi.<\/p>\n

Slow recovery<\/strong><\/p>\n

Electricity sales grew marginally by 0.7 per cent from 4,167GWh recorded in a similar period in 2019 to 4,196GWh in the period under review.<\/p>\n

\u201cThe curtailed growth is attributed to the slow recovery of electricity demand following a sharp decline in energy consumption at the onset of the Covid-19 pandemic,\u201d the statement said.<\/p>\n

However, Kenya Power said the half-year numbers were an improvement from the previous full year ended June 2020 when it reported a loss before tax of Sh7 billion.<\/p>\n

The full-year performance was largely impacted by the effects of Covid-19 and a one-off increase in impairment for inventories amounting to Sh3.65 billion \u201cfollowing a business decision to take a more prudent approach in accounting estimation for slow-moving and obsolete stock\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Kenya: Kenya Power\u2019s profit after tax for the first six months trading period ended December 31, 2020 fell by 80 per cent, hurt by the coronavirus pandemic. The power distributor said yesterday its net profit fell to Sh138 million for six months from Sh692 million in the same period of 2019. It blamed the loss […]<\/p>\n","protected":false},"author":84,"featured_media":23185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,2111,5,8],"tags":[4693,6264],"class_list":["post-23189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-coronavirus-in-kenya","category-economy","category-homepage-english","tag-covid-19-in-kenya","tag-kplc"],"yoast_head":"\nCorona hurts Kenya Power profit - kenya<\/title>\n<meta name=\"description\" content=\"Kenya Power\u2019s profit after tax for the first six months trading period ended December 31, 2020 fell by 80 per cent, hurt by the coronavirus\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/corona-hurts-kenya-power-profit\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Corona hurts Kenya Power profit\" \/>\n<meta property=\"og:description\" content=\"Kenya Power\u2019s profit after tax for the first six months trading period ended December 31, 2020 fell by 80 per cent, hurt by the coronavirus\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/corona-hurts-kenya-power-profit\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-25T21:48:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/02\/corona_hurts_kenya_p603816f9c6aff.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/corona-hurts-kenya-power-profit#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/corona-hurts-kenya-power-profit\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Corona hurts Kenya Power profit\",\"datePublished\":\"2021-02-25T21:48:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/corona-hurts-kenya-power-profit\"},\"wordCount\":276,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/corona-hurts-kenya-power-profit#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/02\/corona_hurts_kenya_p603816f9c6aff.jpg\",\"keywords\":[\"Covid-19 in Kenya\",\"KPLC\"],\"articleSection\":[\"all news\",\"Coronavirus in kenya\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/corona-hurts-kenya-power-profit#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/corona-hurts-kenya-power-profit\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/corona-hurts-kenya-power-profit\",\"name\":\"Corona hurts Kenya Power profit - 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