GDC raises net profit to Sh1.4bEnergy Principal Secretary Joseph Njoroge (left), Geothermal Development Company Board Chairman Gershon Bw’Omonwa (right) and Johnson Ole Nchoe at the release of the firm's financial results in Nairobi. [Photo, Courtesy]Increased sales in steam have propelled the Geothermal Development Company’s (GDC) net profit to Sh1.4 billion for the full-year ended in June 2018.This was up from Sh228 million made in the same period in 2017. “Revenue increased to Sh3.6 billion from Sh2.9 billion mainly driven by higher demand of steam by KenGen than in the prior year,” said GDC in the report. SEE ALSO :Agency refuses to pay Sh50m more for power projectThe firm’s directors have, however, not recommend the payment of a dividend. He said the development of Phase I and II of the Menengai field and infrastructure works for Baringo-Silali Project helped boost revenues.

Source: Standard Digital March 24, 2019 21:14 UTC