Sh1.6bn tax credit boosts KenGen profit
NAIROBI Kenya, Oct 30 – The Kenya Electricity Generating Company (KenGen) has posted an 86 percent increase in profit after- tax in its full year results from Sh2.8 billion in 2012 to Sh5.2 billion for the year ended June 2013. KenGen Managing Director Simon Ngure attributed the increase to a Sh1.6 billion tax credit resulting from capital allowances enjoyed by the company following the completion of Sang’oro and Kindaruma power plants. Ngure announced that their assets base grew by 16 percent to Sh188.6 million from Sh163 million in the previous year attributed to development projects namely Geothermal Wellheads – 65MegaWatts(MW), Olkaria 1 and IV power plants – 280 MW and drilling of 80 wells for the 560MW projects.
Ngure said that the implementation of the flagship Olkaria I and IV 280 MW plant is on course. He says that the drilling of 80 wells for the 560MW geothermal power projects is also on course.... Read the full, comprehensive news article and discuss at CapitalFMSimilar Stories