Friday, February 28, 2020

Kenya: Tax Savings from Completion of 165 MW Olkaria V Geothermal Project Helps KenGen Profits

Tax savings on Olkaria V project doubles KenGen’s profits (Capital FM Kenya)

Kenya Electricity Generating Company, KenGen, has posted a 98 percent increase on its profit after tax to hit Sh8.17 billion for the first half of the 2019/2020 financial year ending December 2019.

The company has attributed the growth to tax savings arising from the completion of 165MW Olkaria V geothermal project which also resulted in a tax credit of Sh1.89 billion, compared to a tax expense of Sh1.9 billion in the previous period.