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Publication of KPLC accounts ‘to delay’

Kenya Power and Lighting Company (KPLC) has warned of a possible delay in the publication of its audited financial statements for the period ended June 31, 2018.

Acting KPLC managing director Jared Otieno said the accounts will be published before end of this month.

“The delay is mainly attributed to recent changes in the company’s senior management team which has affected the preparation and finalisation of the annual financial statements of accounts,” he said.

The disclosure comes barely a week after KPLC board of directors issued a profit warning to shareholders.  The board said the company expected a 25 per cent dip this year based on unaudited results.

“Revenue growth in the year was constrained by the depressed economic environment, poor hydrological conditions in 2017 and the protracted electioneering period,” the board said in a statement.

The slow business environment, increased financing costs and delayed review of retail electricity tariffs led to reduced earnings, the company said.

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