New directors up for election as KenGen holds its AGM on Thursday
KenGen, Kenya’s leading power producer, will be holding its Annual General Meeting (AGM) on Thursday, November 28, 2024.
The AGM will be the company’s 72nd, and will be held at the Eka Hotel along Mombasa Road in Nairobi from 11am. During the AGM, the company’s shareholders are expected to approve a dividend of Ksh0.65 per share for the financial year ended June 2024.
The Kenyan government, through the National Treasury, is the majority shareholder in the company with a stake of 70% while private shareholders hold a 30% stake. This year’s dividend is more than double the Ksh0.30 per share that the company paid its shareholders in 2023.
KenGen will pay a total of Ksh4.28 billion, which is more than double the total payout of Ksh1.97 billion last year. The National Treasury will be walk away with Ksh2.99 billion exclusive of tax. Dividends earned in Kenya are subjected to a tax of 5%.
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The shareholders are also expected to elect new non-executive directors to serve on KenGen’s Board. Treasury Cabinet Secretary John Mbadi, Energy principal Secretary Alex Wachira, and Dr Rosemarie Wanyoike have offered themselves for re-election following their retirement on rotation.
Hon Alfred Agoi, who was appointed to the Board to fill a casual vacancy, has also offered himself for re-election. Further, Bernard Ngugi, Josphine Koisaba, Stephen Mutai, Umuro Wario and Kennedy Ondieki, the alternate to Treasyr CS John Mbadi, will be elected to continue to serve as members of the company’s e Audit, Risk & Compliance Committee of the Board.
The AGM comes on the back of steady performance by the company, which increased its net profit by 35% in the year to June 2024 boosted by a growth in revenue from electricity sales. The power generator, which is listed on the Nairobi Securities Exchange (NSE), made a profit after tax of Ksh6.79 billion for the period, marking a growth from Ksh5.01 billion it earned in the year to June 2023.
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