Kenya’s largest independent power producer Kengen has released its financial results for the year ended June with net profit rising 35 percent to 2.8 billion shillings from 2.08 billion shillings posted last year.

The company’s growth in earnings was driven by higher revenues from newly commissioned power plants namely the Sang’oro hydro plant, Kindaruma hydro unit, Eburru Geothermal and Geothermal Pilot Wellhead. Cumulatively these plants increased Kengen’s total power capacity to 1,233.2 megawatts from 1,180.7 megawatts previously which reflected in an 11 percent rise in revenue from electricity sold to 15.9 billion shillings from 14.4 billion shillings last year.

Apart from revenue from the sale of electricity, Kengen’s also recorded higher income from other sources, with interest income – that from interest generating activities – rising 73 percent to 952 million shillings from 549 million shillings in 2011 and other income nearly doubling to 485 million shillings from 284 million shillings.

The power producer’s net costs of debt however rose 49 percent to 2.9 billion shillings from 1.9 billion last year mainly on interest payments for funds borrowed through Public Infrastructure Bonds (PIB).

Kengen directors recommended a 20 percent increase in dividends to KES 0.60 per share from KES 0.50 paid last year. Kengen aims to double its current power capacity to 3,000 megawatts by the year 2018 in line with Vision 2030’s goals.