Kenya Power Rises to 7-Month High on Profit Bets: Nairobi Mover
Kenya Power Ltd. (KPLL), the East African nation’s sole electricity distributor, rose to its highest in seven months before the release of full-year earnings.
The stock advanced 1 percent to 15.50 shillings by the 3 p.m. close in Nairobi, the highest level since Dec. 30.
“They will report good results mainly driven by network expansion, increased operational efficiencies through network upgrades and growth in customer numbers to drive revenues,” Vimal Parmar, head of research at Nairobi-based Kestrel Capital East Africa Ltd., said in a phone interview today.
Kestrel estimates full-year net profit will grow to 4.7 billion shillings ($55.8 million) from 4.22 billion shillings a year earlier, with earnings per share of 2.4 shillings.
Kenya Power’s fiscal year ended June 30 and the company is yet to set a date for the announcement of the earnings, a spokesman said in a phone interview today.
In the six months to December, net income grew 2.7 percent to 2.28 billion shillings, the company said Feb. 24.
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