Kenya Pipeline Company (KPC) has proposed 32 cents per share in dividend pay out after its net profit rose 13% to Ksh 11.58 billion in its first full-year results since its privatisation earlier this year.
The state-linked petroleum infrastructure firm, listed on the Nairobi Securities Exchange, says the share register for dividend pay out will close on November 30.
KPC reported a 9% increase in group revenue to Ksh 43 billion from Ksh 39.5 billion a year earlier, supported by 7% growth in local and transit petroleum volumes.
Operating cash flow rose 34% to Ksh 17.39 billion, while cash and cash equivalents increased 84.4% to Ksh 20.54 billion, reflecting stronger cash generation and improved operational efficiency.
Kenya Pipeline Company Acting Managing Director Pius Mwendwa says the company had grown revenue and profits despite volatile global petroleum prices and supply disruptions linked to the Middle East crisis.
KPC is seeking to expand beyond pipeline transportation and storage into petroleum trading, re-export, liquefied petroleum gas, liquefied natural gas, biofuels and power generation, with a target of increasing annual revenue to Ksh 68 billion by 2030.
Kenya Pipeline Company Chairperson Faith Bett-Boinett says the company was pursuing plans to establish an integrated petroleum trading hub at the Kenya Petroleum Refineries Ltd facilities in Kipevu, Mombasa, to provide transhipment, bulk-breaking, bunkering and re-export services to regional markets.
Kenya Pipeline Company is also exploring pipeline expansion from Eldoret to Kampala and Kigali as it seeks to strengthen its position in regional energy logistics. Uganda’s recently launched 320-million-litre Kampala Storage Terminal is expected to support its regional growth ambitions.
KPC’s total assets rose 6% to Ksh 149 billion, while shareholders’ equity increased 11% to Ksh 119 billion.