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Kenya Power Limited Audited End Year Results 30 June 2016

Kenya Power FY16 EPS up 1.7%y/y, DPS unchanged at KES 0.50
Kenya power has announced FY16 results marking a 1.7%y/y increase in EPS to KES 3.87 a commendable performance in our view, as we expected profits to be weighed down by higher costs. Electricity sales were up 3.6%y/y to 7,385 million units with some slowdown in growth noted during the second half of the year. Higher yield led to an 11.9%y/y increase in revenue to KES 87.1bn. Power purchase costs (excluding fuel and FOREX costs) rose 15.6%y/y as a result of additional capacity charges and an increase in energy charges as a result of the rise in unit purchases.
Over the period, fuel costs declined 50.9%y/y due to increased use of geothermal and hydro sources (displacing thermal). During the year, some significant parts of the country previously served by generators were connected to the grid. Units generated by thermal power reduced by 495 GWh to 1,297 GWh. As a result, gross profit climbed 13.3%y/y to KES 38.1bn. Other revenue rose 16.6%y/y to KES 7.5bn (likely boosted by deferred income provided by Kenya government as a grant to Kenya Power to enhance universal access to electricity). Transmission and distribution costs were up 18.3%y/y as a result of a wider network which raised operational expenses. Specifically, depreciation increased by KES 1.4bn (+30.4%y/y) while wheeling charges by Kenya Electricity Transmission Company rose by KES 1.3bn (+173.6%y/y).
Total dividend for the year was KES 0.50 (12.9% payout) - a final dividend of KES 0.30 payable (end of January 2017), with book closure on 1 December 2016. The annual general meeting is scheduled for 23 December 2016 at 11.00am at Safari Park Hotel.  (Company filing, Standard Investment Bank)

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