Kenya’s GDC reports USD21 million in profit for financial year 2017/2018
Kenya's Geothermal Development Company (GDC) reports an increase of profits for the financial year of 2017/ 2018 to Sh 2.1 billion (around USD 21 million), mostly credited to increased steam sales at Olkaria to KenGen.
In a release, Kenya’s Geothermal Development Company (GDC) announced a Sh 2.1 billion profit before tax for the Financial Year 2017/18. This is a sharp increase from Sh 896 million posted the previous year.
The increase in profits is attributed to a boost in steam sales from the company’s geothermal wells in Olkaria. The steam is sold to KenGen for electricity generation.
GDC made the announcement on Friday March 22, 2019 during the Company’s Annual General Meeting (AGM).
“The increased revenues are an indication that we are stable and that the fortunes of the company are getting better,” said Eng. Johnson P. Ole Nchoe, the GDC Managing Director and CEO.
At the same time, in the year under review, GDC’s asset base grew from Sh 69 billion as of June 2017 to Sh 77 billion.
Speaking at the same function, Dr. Eng. Joseph Njoroge, the PS Ministry of Energy, exuded confidence that with increased income GDC will scale-up its steam exploration operations.
The PS noted that a huge chunk of Kenya’s geothermal potential is yet to be explored. Kenya, Eng. Njoroge noted, is only exploiting (around) 600 MW of geothermal out of a potential of 10, 000 MW.
“Geothermal is our base-load. It‘s the key enabler for the Big4 agenda and Vision 2030. It’s only with affordable and reliable electricity, such as geothermal, that we can become an industrialised mid-income nation,” the PS explained.