The Kenya Power and Lighting Company (KPLC) on Wednesday January 8 announced an impressive 367% increase in its share price.
In a statement, the company highlighted this significant surge at the Nairobi Securities Exchange (NSE), with its shares rising from Ksh 1.38 in December 2023 to Ksh 6.44 as of Tuesday, January 7, 2025.
“Our Managing Director and CEO, Dr. (Eng.) Joseph Siror, promised a transformation in the company’s share price and shareholder value a year ago.
This promise has been fulfilled with a remarkable 367% increase, lifting the share price at the NSE from Ksh 1.38 in December 2023 to Ksh 6.44 as of yesterday,” the statement read.
KPLC attribute performance to turn around strategy
As of January 7, 2025, the current share price of Kenya Power was Ksh 6.44, reflecting a 9.9% gain over its previous closing price of Ksh 5.86 on the last trading day.
According to KPLC, this impressive performance is largely due to a turnaround strategy implemented under the leadership of the Board of Directors and state.
“This impressive performance is largely driven by a turnaround strategy that the Company has been implementing under the leadership of the Board of Directors and with support from the Government of Kenya, ” read the statement.
Also Read: KPLC Monopoly: Two Companies Apply to Generate & Supply Electricity
One of the key strategies involved, developing mechanisms to monitor and evaluate all projects, initiatives, and interventions to ensure accountability.
These frameworks were used to generate data, provide insights, and offer key learnings for future decision-making and prioritization of initiatives.
KPLC also established a communication framework designed for both internal and external audiences, ensuring that all stakeholders are informed about current and upcoming initiatives. The framework also focuses on documenting and sharing the results of these initiatives.
ADVERT
Kenya Power’s Ksh 30 billion profit 2023/24 Financial Year
To achieve its communication objectives and effectively connect with key stakeholders, KPLC leveraged its existing structures, including its Sales and Marketing teams and Corporate Communications departments.
Also Read: KPLC Posts Ksh30 Billion Profit, Announces Dividend
The company reported a net profit of Ksh 30 billion for the financial year 2023/24, attributed to several factors, including:
- A 21% increase in sales, reaching Ksh 231.12 billion, driven by the addition of new customers, increased economic activity, and a revised cost-reflective tariff structure.
- A decrease in finance costs by Ksh 24.84 billion, resulting from the Kenyan Shilling strengthening against major global currencies.
- A profit before tax of Ksh 43.67 billion, compared to a loss before tax of Ksh 4.43 billion in the previous period.
Appointment of Joseph Siror as Kenya Power CEO
Dr. Siror was appointed as the Chief Executive Officer and Managing Director of Kenya Power on May 2, 2023.
Prior to his appointment, he was the General Manager in charge of Technical Services at the Kenya Electricity Transmission Company (KETRACO).
He holds a PhD degree in Engineering from Shanghai Jiaotong University (China), a Master of Business Administration (MBA) degree and a Bachelor of Science (BSc) in Electrical Engineering degree from the University of Nairobi.
Follow our WhatsApp Channel and join our WhatsApp Group for real-time news updates.
