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Kenya Power FY 2017/2018
Rank: Elder Joined: 12/4/2009 Posts: 10,671 Location: NAIROBI
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Kenya Power has breached the terms attached to Sh59.96 billion worth of its short-term and long-term loans, signalling a biting cash crunch at the State-owned electricity distributor. The firm, whose total borrowings were Sh113 billion as at the end of June, breached debt covenants for Sh49.99 billion long-term loans and Sh9.98 billion short-term debt, prompting auditor general Edward Ouko to qualify its financial statements. Commercial borrowings were from Standard Chartered Bank (Sh51.48 billion), Equity Bank (Sh7.38 billion), First Rand Bank (Sh10.89 billion) and Stanbic bank (Sh2.08 billion). https://www.businessdail...74874-ov943nz/index.htmlWealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 11/13/2015 Posts: 1,587
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They also cooked books which is now a trend at soko mjinga Quote:Electricity distributor Kenya Power cooked its books to the tune of billions of shillings in two years after it was roped into a political scheme to keep the electorate happy in the run-up to last year’s General Election. Auditor-General Edward Ouko has, in his latest report, laid bare the full extent of the financial misrepresentation, whose aim was to keep electricity prices artificially low and help the Jubilee government get re-elected. Kenya Power refused to restate its financial results for the years ended June 2017 and June 2018 as Mr Ouko had advised, underlining the level of impunity at the Nairobi Securities Exchange-listed firm. https://www.businessdail...875332-3jn25/index.html
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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wukan wrote:They also cooked books which is now a trend at soko mjinga Quote:Electricity distributor Kenya Power cooked its books to the tune of billions of shillings in two years after it was roped into a political scheme to keep the electorate happy in the run-up to last year’s General Election. Auditor-General Edward Ouko has, in his latest report, laid bare the full extent of the financial misrepresentation, whose aim was to keep electricity prices artificially low and help the Jubilee government get re-elected. Kenya Power refused to restate its financial results for the years ended June 2017 and June 2018 as Mr Ouko had advised, underlining the level of impunity at the Nairobi Securities Exchange-listed firm. https://www.businessdail...875332-3jn25/index.html
Ching ching kading ding... Patel making moves... possunt quia posse videntur
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Rank: Member Joined: 6/15/2013 Posts: 301
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maka wrote:wukan wrote:They also cooked books which is now a trend at soko mjinga Quote:Electricity distributor Kenya Power cooked its books to the tune of billions of shillings in two years after it was roped into a political scheme to keep the electorate happy in the run-up to last year’s General Election. Auditor-General Edward Ouko has, in his latest report, laid bare the full extent of the financial misrepresentation, whose aim was to keep electricity prices artificially low and help the Jubilee government get re-elected. Kenya Power refused to restate its financial results for the years ended June 2017 and June 2018 as Mr Ouko had advised, underlining the level of impunity at the Nairobi Securities Exchange-listed firm. https://www.businessdail...875332-3jn25/index.html
Ching ching kading ding... Patel making moves... This is the problem of state owned firms in this here country of ours....
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Rank: Veteran Joined: 4/4/2016 Posts: 1,997 Location: Kitale
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[quote=Ericsson]Kenya Power has breached the terms attached to Sh59.96 billion worth of its short-term and long-term loans, signalling a biting cash crunch at the State-owned electricity distributor. The firm, whose total borrowings were Sh113 billion as at the end of June, breached debt covenants for Sh49.99 billion long-term loans and Sh9.98 billion short-term debt, prompting auditor general Edward Ouko to qualify its financial statements. Commercial borrowings were from Standard Chartered Bank (Sh51.48 billion), Equity Bank (Sh7.38 billion), First Rand Bank (Sh10.89 billion) and Stanbic bank (Sh2.08 billion). https://www.businessdail...4874-ov943nz/index.html[/quote] .................................................................................................. The company has started talks with its bankers to change the short term loans to long terms.This is to ease financial constraints.According to MD Jared Otieno Towards the goal of financial freedom
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Rank: Member Joined: 2/20/2015 Posts: 467 Location: Nairobi
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Are the shareholders being psychologically prepped for a rescue rights issue?
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Rank: Elder Joined: 12/4/2009 Posts: 10,671 Location: NAIROBI
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kawi254 wrote:Are the shareholders being psychologically prepped for a rescue rights issue? At the current mkt situation a rights issue will be a big flop. Kanguangodo said it will take 5 years to stabilize kenya power. Watu wangoje hadi 2023 Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 6/23/2009 Posts: 13,493 Location: nairobi
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Ericsson wrote:kawi254 wrote:Are the shareholders being psychologically prepped for a rescue rights issue? At the current mkt situation a rights issue will be a big flop. Kanguangodo said it will take 5 years to stabilize kenya power. Watu wangoje hadi 2023 Bailout is on the cards..
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 12/4/2009 Posts: 10,671 Location: NAIROBI
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obiero wrote:Ericsson wrote:kawi254 wrote:Are the shareholders being psychologically prepped for a rescue rights issue? At the current mkt situation a rights issue will be a big flop. Kanguangodo said it will take 5 years to stabilize kenya power. Watu wangoje hadi 2023 Bailout is on the cards.. Government parastatals the biggest debt defaulters, hawalipi bill ya stima Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/4/2009 Posts: 10,671 Location: NAIROBI
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obiero wrote:Ericsson wrote:kawi254 wrote:Are the shareholders being psychologically prepped for a rescue rights issue? At the current mkt situation a rights issue will be a big flop. Kanguangodo said it will take 5 years to stabilize kenya power. Watu wangoje hadi 2023 Bailout is on the cards.. Bailout by who and in what form. Will GOK increase its Shareholding? Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 8/10/2014 Posts: 966 Location: Kenya
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obiero wrote:Ericsson wrote:kawi254 wrote:Are the shareholders being psychologically prepped for a rescue rights issue? At the current mkt situation a rights issue will be a big flop. Kanguangodo said it will take 5 years to stabilize kenya power. Watu wangoje hadi 2023 Bailout is on the cards.. Pretty much a guarantee since its a monopoly
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Rank: Elder Joined: 6/23/2009 Posts: 13,493 Location: nairobi
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Ericsson wrote:obiero wrote:Ericsson wrote:kawi254 wrote:Are the shareholders being psychologically prepped for a rescue rights issue? At the current mkt situation a rights issue will be a big flop. Kanguangodo said it will take 5 years to stabilize kenya power. Watu wangoje hadi 2023 Bailout is on the cards.. Bailout by who and in what form. Will GOK increase its Shareholding? What will stop it? Also know or KPLC preference shares? The energy stock has two preferred issues: KPLC-P4 and KPLC-P7 
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 12/4/2009 Posts: 10,671 Location: NAIROBI
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https://www.businessdail...78676-bb1m98/index.html
The Jubilee government’s race to connect poor households to the national electricity grid in the run-up to last year’s election left Kenya Power with Sh2.8 billion bad debts, the latest audit of the company’s books found. Kenya Power found itself in the deep financial hole after more than 880,000 households that were supplied with electricity and had prepaid meters fitted did not consume the power, and did not pay for it. “We have recovered approximately Sh120 million so far. Our aim is to recover the outstanding amount in 24 months,” said the power distributor which sank into cash-flow shortfalls after consumers failed to Sh12 billion bills for more than 30 days by end of June. The idle meters mean that Kenya Power has increased the cost of maintaining additional lines that do not contribute to growth in revenue. This is despite intensive field inspections targeting all prepaid installations countrywide. In the financial year ended June 2018, the company added 578,808 customers to hit a total of 6.761 million, a growth that acting CEO Jared Othieno attributed to the Last Mile connectivity. Basic revenue, however, grew by just three per cent to Sh95.5 billion from Sh91.95 billion. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 3/8/2018 Posts: 507 Location: Nairobi
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Ericsson wrote:https://www.businessdailyafrica.com/corporate/companies/Connecting-poor-hands-Kenya-Power-Sh3bn-debt/4003102-4878676-bb1m98/index.html
The Jubilee government’s race to connect poor households to the national electricity grid in the run-up to last year’s election left Kenya Power with Sh2.8 billion bad debts, the latest audit of the company’s books found.
Kenya Power found itself in the deep financial hole after more than 880,000 households that were supplied with electricity and had prepaid meters fitted did not consume the power, and did not pay for it.
“We have recovered approximately Sh120 million so far. Our aim is to recover the outstanding amount in 24 months,” said the power distributor which sank into cash-flow shortfalls after consumers failed to Sh12 billion bills for more than 30 days by end of June.
The idle meters mean that Kenya Power has increased the cost of maintaining additional lines that do not contribute to growth in revenue. This is despite intensive field inspections targeting all prepaid installations countrywide.
In the financial year ended June 2018, the company added 578,808 customers to hit a total of 6.761 million, a growth that acting CEO Jared Othieno attributed to the Last Mile connectivity. Basic revenue, however, grew by just three per cent to Sh95.5 billion from Sh91.95 billion.
Meh. Excuses. The main source of KPLC's financial woes is known. It runs in almost every other government-run firm.
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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Ericsson wrote:https://www.businessdailyafrica.com/corporate/companies/Connecting-poor-hands-Kenya-Power-Sh3bn-debt/4003102-4878676-bb1m98/index.html
The Jubilee government’s race to connect poor households to the national electricity grid in the run-up to last year’s election left Kenya Power with Sh2.8 billion bad debts, the latest audit of the company’s books found.
Kenya Power found itself in the deep financial hole after more than 880,000 households that were supplied with electricity and had prepaid meters fitted did not consume the power, and did not pay for it.
“We have recovered approximately Sh120 million so far. Our aim is to recover the outstanding amount in 24 months,” said the power distributor which sank into cash-flow shortfalls after consumers failed to Sh12 billion bills for more than 30 days by end of June.
The idle meters mean that Kenya Power has increased the cost of maintaining additional lines that do not contribute to growth in revenue. This is despite intensive field inspections targeting all prepaid installations countrywide.
In the financial year ended June 2018, the company added 578,808 customers to hit a total of 6.761 million, a growth that acting CEO Jared Othieno attributed to the Last Mile connectivity. Basic revenue, however, grew by just three per cent to Sh95.5 billion from Sh91.95 billion.
KPLC are very STUPID ...... In my village, people who can easily pay after connection, they are still demanding money to connect from the transform yet they have connect many 'poor' people for free yet cannot afford to pay on a monthly basis. The employees behave as if they are doing you a favour. I have no sympathy for this company. Plus the blackouts experienced in Migori / Homa-bay areas are just out of this world. In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Veteran Joined: 9/21/2011 Posts: 2,032
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Angelica _ann wrote:Ericsson wrote:https://www.businessdailyafrica.com/corporate/companies/Connecting-poor-hands-Kenya-Power-Sh3bn-debt/4003102-4878676-bb1m98/index.html
The Jubilee government’s race to connect poor households to the national electricity grid in the run-up to last year’s election left Kenya Power with Sh2.8 billion bad debts, the latest audit of the company’s books found.
Kenya Power found itself in the deep financial hole after more than 880,000 households that were supplied with electricity and had prepaid meters fitted did not consume the power, and did not pay for it.
“We have recovered approximately Sh120 million so far. Our aim is to recover the outstanding amount in 24 months,” said the power distributor which sank into cash-flow shortfalls after consumers failed to Sh12 billion bills for more than 30 days by end of June.
The idle meters mean that Kenya Power has increased the cost of maintaining additional lines that do not contribute to growth in revenue. This is despite intensive field inspections targeting all prepaid installations countrywide.
In the financial year ended June 2018, the company added 578,808 customers to hit a total of 6.761 million, a growth that acting CEO Jared Othieno attributed to the Last Mile connectivity. Basic revenue, however, grew by just three per cent to Sh95.5 billion from Sh91.95 billion.
KPLC are very STUPID ...... In my village, people who can easily pay after connection, they are still demanding money to connect from the transform yet they have connect many 'poor' people for free yet cannot afford to pay on a monthly basis. The employees behave as if they are doing you a favour. I have no sympathy for this company. Plus the blackouts experienced in Migori / Homa-bay areas are just out of this world. From word go we stated that this last mile program was flawed. Last mile should have been to the shopping centres, and anyone who wants further downstream connection should have paid from their pocket. But we understand jubilee wanted to walk up to podium and say 'we had so many connections in '13, now we have double, in less than 5yrs. Whether it was economically feasible or not this was secondary. That's why I'll be voting anyone else but jubilee next time
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Rank: Veteran Joined: 4/4/2016 Posts: 1,997 Location: Kitale
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obiero wrote:Ericsson wrote:obiero wrote:Ericsson wrote:kawi254 wrote:Are the shareholders being psychologically prepped for a rescue rights issue? At the current mkt situation a rights issue will be a big flop. Kanguangodo said it will take 5 years to stabilize kenya power. Watu wangoje hadi 2023 Bailout is on the cards.. Bailout by who and in what form. Will GOK increase its Shareholding? What will stop it? Also know or KPLC preference shares? The energy stock has two preferred issues: KPLC-P4 and KPLC-P7  Towards the goal of financial freedom
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Rank: Elder Joined: 6/23/2009 Posts: 13,493 Location: nairobi
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Ebenyo wrote:obiero wrote:Ericsson wrote:obiero wrote:Ericsson wrote:kawi254 wrote:Are the shareholders being psychologically prepped for a rescue rights issue? At the current mkt situation a rights issue will be a big flop. Kanguangodo said it will take 5 years to stabilize kenya power. Watu wangoje hadi 2023 Bailout is on the cards.. Bailout by who and in what form. Will GOK increase its Shareholding? What will stop it? Also know or KPLC preference shares? The energy stock has two preferred issues: KPLC-P4 and KPLC-P7 The preferred shareholders wanakula nyama mkimeza mate.. As I keep saying here, NSE investment is all about insider knowledge. Otherwise, you stand a better chance selling smokies
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Member Joined: 3/8/2018 Posts: 507 Location: Nairobi
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obiero wrote:Ebenyo wrote:obiero wrote:Ericsson wrote:obiero wrote:Ericsson wrote:kawi254 wrote:Are the shareholders being psychologically prepped for a rescue rights issue? At the current mkt situation a rights issue will be a big flop. Kanguangodo said it will take 5 years to stabilize kenya power. Watu wangoje hadi 2023 Bailout is on the cards.. Bailout by who and in what form. Will GOK increase its Shareholding? What will stop it? Also know or KPLC preference shares? The energy stock has two preferred issues: KPLC-P4 and KPLC-P7 The preferred shareholders wanakula nyama mkimeza mate.. As I keep saying here, NSE investment is all about insider knowledge. Otherwise, you stand a better chance selling smokies Well, the regulations are clear on that one, but still a sorry situation for the wanjiku investor here. Can only wait to feed on the crumbs that fall off the table.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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obiero wrote:Ebenyo wrote:obiero wrote:Ericsson wrote:obiero wrote:Ericsson wrote:kawi254 wrote:Are the shareholders being psychologically prepped for a rescue rights issue? At the current mkt situation a rights issue will be a big flop. Kanguangodo said it will take 5 years to stabilize kenya power. Watu wangoje hadi 2023 Bailout is on the cards.. Bailout by who and in what form. Will GOK increase its Shareholding? What will stop it? Also know or KPLC preference shares? The energy stock has two preferred issues: KPLC-P4 and KPLC-P7 The preferred shareholders wanakula nyama mkimeza mate.. As I keep saying here, NSE investment is all about insider knowledge. Otherwise, you stand a better chance selling smokies Preferred ni ya Serikali Life is short. Live passionately.
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