In a cautionary statement released today, the electricity distributor has warned that due to the coronavirus pandemic, there has been a slow growth in electricity sales. “The Covid-19 pandemic has adversely affected our business operations leading to slow growth in electricity sales and an increasing in financing costs resulting in reduced earnings,” reads the statement from the board of Kenya Power. SEE ALSO: Centum still in property market, to build 4,327 unitsIn 2018, Kenya Power saw its profit for the last six months to December plunge to 71 per cent from Sh2.458 billion to Sh693 million. While in 2019, Kenya Power faced a dip in the year ending June 30, 2019 as earnings dropped by 92.1 percent to Sh262 million in the unaudited trading results. As the year closed in on December 2019, Kenya Power reported another 72.3 percent drop in profit over a six months period.

Source: Standard Digital June 16, 2020 10:31 UTC