Kenya Power sets AGM for November 29 after record profit

Kenya Power will hold its Annual General Meeting (AGM) with its shareholders on Friday November 29, 2024 at 11am.

The meeting will be held electronically for the fifth year in a row despite protests by some of its shareholders who have been pushing the company to resume holding physical AGMs.

Many listed companies have been holding their AGMs virtually since the outbreak of the Covid-19 pandemic in 2020, a development that the firms are taking advantage of to reduce the costs that are usually associated with holding the annual events physically.

Notice is hereby given to shareholders that s that, the 103rd Annual General Meeting of The Kenya Power and Lighting Company Plc, will be held via electronic communication on Friday, 29th November 2024 at 11am

kenya power

The shareholders are expected to approve a Ksh0.70 dividend per share payout following a record-breaking year for the company which saw it make a record Ksh30.08 billion net profit for the year to June 2024.

Shareholders wishing to participate in the meeting should register for the AGM using either of the following means:

• (a) Dialling *483*903# on their mobile telephone and following the various prompts on the registration process or;

• (b) Send an email request to be registered to kplcagm@image.co.ke providing their details i.e., Name, Passport/ID No., CDS No. and Mobile telephone number requesting to be registered. Image Registrars shall register the shareholder and send them an email notification once registered.

The Kenyan government is the majority shareholder in Kenya Power with a stake of 50.1% while private shareholders hold a stake of 49.9% in the utility.

Once the dividends payout is approved by shareholders at the AGM, Kenya Power will pay the dividend on or before January 31, 2025.

The book closure date for the dividend is December 2, 2024.

Kenya Power made a record revenue of Ksh231.1 billion during the period, marking a significant increase from Ksh190.9 billion in the previous year.

The increased revenue was driven by the new power tariff which was implemented by the energy regulator in April last year, as well as a marginal improvement in electricity sales.

During the year, electricity unit sales by the utility grew by 2.76% to 10,516GWh, up from 10,233GWh the previous year.

This growth was mainly supported by new customer connections and the replacement of faulty meters.

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