21st October 2017
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Company Data
 
Kenya Power & Lighting Company Ltd.
http://www.kplc.co.ke/
Par Value:                  20/-
Closing Price:           9.55
Total Shares Issued:          1951467045.00
Market Capitalization:        18,636,510,280
EPS:             3.87
PE:                 2.468
 

The energy company in charge of national transmission, distribution and retail of electricity throughout Kenya.

The Kenya Power & Lighting Company Limited H1 2016 results through 31st December 2016 vs. 31st December 2015

H1 Revenue 45.795b vs. 41.665b +9.912%
H1 Forex adjustment 2.531b vs. 4.419b -42.725%
H1 Fuel cost recovered 6.183b vs. 7.463b -17.151%
H1 Other income 5.060b vs. 3.155b +60.380%
H1 Total revenue 59.569b vs. 56.702b +5.056%
H1 Power purchase cost (non fuel) [26.109b] vs. [24.951b] +4.641%
H1 Transmission and distribution costs [16.157b] vs. [13.065b] +23.666%
H1 Operating profit 7.921b vs. 7.593b +4.320%
H1 Finance income vs. 723m
H1 Finance costs [2.281b] vs. [2.579b] -11.555%
H1 PBT 5.640b vs. 5.737b -1.691%
H1 PAT 4.201b vs. 3.763b +11.399%
EPS 2.15 vs. 1.93 +11.399%
Dividend per share vs. 0.20
Shareholders equity 69.231b vs. 64.626b +7.126%
Cash & cash equivalents at 31st Dec 925m vs. 13.578b -93.188%

Company Commentary

Electricity Revenue [excluding foreign exchange surcharge and fuel recovery] grew by +9.9% to 45.795m
Fuel Cost declined by -22.9%
Finance costs decreased to 2.281m versus 2.579m attributable to reduced short term borrowings
geared towards achieving 70% connectivity by end of this year

Conclusions

On a PE Basis this is a very cheap share.
Headline growth driven by connections.
H1 EPS +11.399%
This is a Buy.

FY16 Earnings

FY Non fuel revenue 87.081b vs. 77.836b +11.878%
FY Foreign exchange losses recovered 8.782b vs. 3.344b +162.620%
FY Fuel exchange recovery 12.512b vs. 25.584b -51.094%
FY Revenue 108.375b vs. 106.764b +1.509%
FY Non fuel costs [51.400b] vs. [44.460b] +15.610%
FY Foreign exchange cost [6.175b] vs. [2.820b] +118.972%
FY Fuel costs [12.690b] vs. [25.835b] -50.881%
FY Total power purchase costs [70.265b] vs. [73.115b] -3.898%
FY Gross margin 38.110b vs. 33.649b +13.257%
FY Other revenue 7.470b vs. 6.406b +16.609%
FY Transmission and distribution costs [28.651b] vs. [24.217b] +18.309%
FY Operating profit 16.929b vs. 15.838b +6.888%
FY Interest income 965m vs. 1.381b -30.123%
FY Finance costs [5.811b] vs. [4.965b] +17.039%
FY Profit before tax 12.083b vs. 12.254b -1.395%
FY Profit after tax 7.556b vs. 7.432b +1.668%
FY Other comprehensive income [169m] vs. [1.996b] -91.533%
EPS Basic and diluted 3.87 vs. 3.81 +1.575%
Dividend per share 0.50 vs. 0.50
Shareholders equity 65.616b vs. 59.204b +10.830%
Cash and cash equivalents at close of year 5.503b vs. 28.231b -80.507%

Company Commentary

Electricity Sales grew by 3.6% combined with an improved average yield led to 11.9% increase in Sales revenue
Interim Dividend of 20cents a share plus 30cents a share Final Dividend.
customer growth rate averaging 30% annually

Conclusions

On a Trailing PE Ratio of 2.28. With a Dividend Yield of 5.64. looks egregiously priced.

The Kenya Power Lighting Company Limited H1 2016 through 31st December 2015 vs. 31st December 2014
H1 Electricity sales 41.665378b vs. 37.605443b +10.796%
H1 Foreign exchange adjustment 4.418925b vs. 0.905990b +387.745%
H1 Fuel cost adjustment 7.462612b vs. 16.732468b -55.400%
H1 Other income 3.154800b vs. 2.669971b +18.159%
H1 Revenue 56.701715b vs. 57.913872b -2.093%
H1 Non fuel power purchase costs [24.950557b] vs. [20.044852b] +24.474%
H1 Fuel costs [8.072430b] vs. [17.149850b] -52.930%
H1 Foreign exchange costs [3.020783b] vs. [1.609214b] +87.718%
H1 Power purchase costs [36.043770b] vs. [38.803916b] -7.113%
H1 Transmission & distribution costs [13.064740b] vs. [10.456014b] +24.950%
H1 Total operating expenses [49.108510b] vs. [49.259930b] -0.307%
H1 Operating profit 7.593205b vs. 8.653942b -12.257%
H1 Finance income 723.181m vs. 487.580m +48.320%
H1 Finance costs [2.579397b] vs. [2.264018b] +13.930%
H1 Profit before tax 5.736989b vs. 6.877504b -16.583%
H1 Profit after tax 3.762888b vs. 4.500510b -16.390%
EPS 1.93 vs. 2.31 -16.450%
Total assets 282.195314b vs. 228.395381b +23.556%
Cash and cash equivalents at the end of the period 13.577430b vs. 15.629135b -13.127%
Interim dividend 0.20 vs. 0.20

Company Commentary

Purchases [GWh] Dec 2015 4,532 versus 4,320
Electricity sales during the 12 Year amounted to 3,632 GWh compared to 3,439 GWh.

Conclusions

Transmission and distribution costs at Sh13.064b +24.95%
The number of power customers has been growing, hitting 4.1 million up from 1 million in 2010.
Its a cheap share on a PE Basis

Kenya Power and Lighting Company Limited FY through 30th June 2015 vs. 30th June 2014
FY Non fuel revenue 77.836b vs. 62.597b +24.3%
FY Fuel costs recovery 25.528b vs. 38.377b -33.5%
FY Revenue 106.764b vs. 105.396b +1.29%
FY Total power purchase costs [73.155b] vs. [72.640b] +0.71%
FY Gross margin 33.649b vs. 32.756b +2.73%
FY Other revenue 6.406b vs. 4.914b +30.4%
FY Transmission and distribution costs [24.217] vs. [22.749b] +6.45%
FY Operating profit 15.838b vs. 14.921b +6.15%
FY Interest income 1.381b vs. 0.104b
FY Finance costs [4.965b] vs. [4.009b] +23.85%
FY Profit before tax 12.254b vs. 11.016b +12.24%
FY Profit after tax 7.432b vs. 6.995b +6.25%
FY Other comprehensive income 249mn vs. 990mn -74.85%
FY Total comprehensive income for the year 7.681b vs. 7.985b -3.81%
EPS 3.81 vs. 3.58 +6.42%
Dividend per Share 0.50 vs. 0.50

Company Commentary

The rise in net Profit is mainly attributed to increased sales..and a tariff review which became effective from 1st December 2013
Electricity sales grew by 5%
+24.3% increase in sales revenue

Conclusions

Strong Results and KPLC is a cheap stock.

First Half Earnings through 31st December 2014 versus through 31st December 2013
First Half total Revenue 57.913b versus 48.586b +19.1968%
First Half Total Operating Costs 49.260b versus 41.818b +17.796%
First Half Operating Profit 8.653b versus 6.768b
First Half Profit before Tax 6.408b versus 4.190b +52.9355%
First Half Profit after Tax 4.172b versus 3.013b +38.466%
First Half Earnings Per share 2.14 versus 1.54 +38.96%
Dividend 20cents unchanged

Company Commentary

Increase in Profit mainly attributed to increased sales and tariff review
Electricity Revenue grew 40%
Rise in unit purchases from 4,093 GWh to 4,320 GWh +5.5%
We are confident the Companys good performance will be sustained

To secure revenue, we are planning to introduce smart metering systems to enhance billing accuracy for large power customers as well as reduce overall costs, Chumo added.

Conclusions

Strong results helped by a Tariff Increase which raised the base Unit Price in favour of KPLC a while back.
Kenya Power has already increased the base tariff by 77% which is what has led to the significant margin improvement.

Full Year Earnings through 30th June 2014 versus 30th June 2013
Full Year Revenue 105.396b versus 88.909b +18.543%
Total Power Purchase Costs 72.640b versus 62.178b +16.825%
Full Year Gross Margin 32.756b versus 26.731b +22.539%
Full Year Transmission and Distribution Costs [22.683b] versus [20.984b] +8.0966%
Full Year Finance Costs [4.009b] versus [2.495b] +60.68%
Full Year Profit before Tax 10.198b versus 6.570b +55.22%
Full Year Profit After Tax 6.456b versus 3.445b +87.40%
Full Year Total Comprehensive Income 7.446b versus 4.712b
Full Year Earnings Per share 3.31 versus 1.76 +88.06%
Full Year Dividend 50cents versus 0.

Company Commentary

The Rise is due increased sales, Tariff Review and enhanced system efficiency
electricity Sales grew +9.8% combined with increased average yield led to +30.6% increase in Sales Revenue

Conclusions

Strong Results.
This is a cheap share.

H1 Earnings through 31st December 2013 versus 6 months through 31st December 2012
H1 Non Fuel Revenue 26.921b versus 23.260b
FX Losses recovered 3.641b versus 4.454b
Fuel Cost recovered 15.980b versus 16.541b
Other Income 2.044b versus 1.470b
Total Revenue 48.586b versus 45.725b
H1 Total Operating Costs 41.818b versus 41.303b
Operating Profit 6.768b versus 4.422b +53%
Finance Costs [1.177b] versus [0.479b]
H1 PBT 4.190b versus 3.576b
H1 PAT 3.013b versus 3.097b -2.712%
H1 EPS 1.54 versus 1.59 -3.144%
Interim Dividend 20cents a share versus 0

Company Commentary

cites +53% Operating profit increase.
Electricity Revenue +15.7%
Financing costs in the period amounted to 2.629b versus 0.908b +189%
Additional 5,000 MW planned over the next 3 years.

Conclusions

Its a cheap share on a PE Basis.

FY Earnings through 30th June 2012
FY Revenue 47.916b versus 45.008b +6.46%
FX Losses recovered 5.120b versus 6.094b
KPLC Operations 4.102b versus 2.665b
Fuel Cost Recovery 31.771b versus 41.896b
FY Revenue 88.909b versus 95.663b
Power Purchase Costs
Fuel Costs 32.297b versus 42.789b -24.52%
Total Power Purchase Costs 62.178b versus 69.963b
FY Gross Margin 26.731b versus 25.700b
FY Other Revenue 3.192b versus 1.788b +78.52%
FY Transmission and Distribution Costs [21.13b] versus [19.68b]
FY Operating Profit 8.793b versus 7.808b
FY Finance Costs [2.495b] [1.216b] +105.18%
Net FY Foreign Exchange gains [Losses] 15m versus 1.425b [This was a 1.410b swing]
FY PBT 6.424b versus 8.506b -24.476%
FY PAT 4.352b versus 4.617b -5.73%
FY EPS 2.23 versus 2.36- 5.508%
FY Dividend 0.00 versus 0.50

Company Commentary
Company citing higher finance costs and lower unrealised Foreign Exchange revaluation gains
Electricity Sales grew +3.2% from 5,991 million units to 6,184 million Units
Increased generation from Hydro Plants from 3,450GWh to 4,340GWh

Conclusions

The Lack of a Dividend Payment might impact the Price in the near term.
Finance Costs and 1.425b FX Gain in FY 2012 which was not repeated in FY 2013 also crimped Earnings.
There is a very Big Capex Program on the Horizon and the Question is how KPLC goes about funding that.
The Company had been looking to do quite a sharp Tarriff Increase but I think politically it is practically impossible.
Therefore, I expect some kind of aggressive Bond Issuance Program going forward.

H1 Earnings through December 2012 versus H1 Earnings through Dec 2011
Revenue 45.725933b versus 51.077507b -10.477%
Electricity Sales 23.260415b versus 22.071664b
Fuel Cost Adjustment 16.541324b versus 23.155668b
Total Operating Expenses 41.303293b versus 47.456036b
Non Fuel Power Purchase Costs 12.183726b versus 10.809599b
Fuel Costs 16.686476b versus 23.871316b
Transmission and Distribution Costs 10.262193b versus 8.826317b
Finance Cost [1.064722b] versus [0.426619b]
H1 PBT 3.576300 versus 3.404198b +5.0555%
H1 PAT 3.097474b versus 2.284183b +35.605%
H1 EPS 1.59 versus 1.17 +35.897%
Cash and Cash Equivalents at End of Period [6.654508b]

Further Details via The Report and well worth Drilling into Breakdown of Gwh Supply versus Costs very interesting reading
http://www.rich.co.ke/media/docs/Kenya%20Power%20&%20Lighting%20Co.%20Ltd%20Half%20Year%20Results.pdf

Conclusions

The H1 PAT of +35.605% looks impressive at 1st Glance.
The Issue remains the Forward CAPEX Expenditure which is seriously chunky.
The Proposed Loading onto Consumers is simply not tenable.
KPLC will have to carry much more Debt on the Balance Sheet and smooth the Capex Cost.


Full Year End June 2012 versus FY End June 2011
Revenue
Non Fuel Revenue 45.008b versus 42.486b
Power Purchase 6.094b versus 3.425b
KPLC Operations 2.665b versus 1.330b
Fuel Cost Recovery 41.896b versus 25.913b
Total Revenue 95.663b versus 73.154b
Power Purchase Costs
Non Fuel 21.080b versus 20.214b
Fuel Costs 42.789b versus 26.151b
Foreign Exchange 6.094b versus 3.425b
Total Power Purchase Costs 69.963b versus 49.79b
Gross Margin 25.7b versus 23.364b
Other Revenue 1.788b versus 1.413b
Transmission and Distribution Costs [19.680b] versus [17.6950b]
Operating Profit 7.808b versus 7.082b
Finance Costs [1.216b] versus [0.415b]
Net Foreign Exchange Gains or Losses 1.425b versus [0.584b]
Profit Before Tax 8.506b versus 6.254b +36.008%
Profit After Tax 4.617b versus 4.219b +9.43351505%
Earnings Per Share 2.36 versus 2.16 +9.2592%
Dividend 0.50 versus 0.45 Final 0.30 Interim 0.20 +11.111%
Cash and Cash Equivalents at close of Year 0.8b versus 9.722b

Company Commentary
Electricity Sales +3.6% 5.991m Units versus 5.785m Units
Increase in System Losses +0.66%
Poor Hydrology H1 Increase in Thermal Generation by 12%

Conclusions

The PE is under 8.00.
The Yield is 2.702%.
It will trade like a Utility and for me I prefer the KenGen Opportunity.

FY to End June 2011 versus FY to End June 20101
Non Fuel Revenue 42.486b versus 39.107b
Operating Profit 7.083b versus 5.949b
PAT 4.22b versus 3.716m +13.516%
EPS 3.41 versus 3.00
Diluted EPS 2.16 versus 1.90
Dividend per share 0.45
Dividend Yield 2.647%
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 19 Oct 2017
 
Downloads
 
  03-AUG-2017 ::  PUBLIC ANNOUNCEMENT
  Appointment of Managing Director & Chief Executive Officer.

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  09-MAY-2017 ::  Closure of Registers 4% & 7% Cumulative Preference shares
  Closure of Registers 4% & 7% Cumulative Preference shares

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  24-FEB-2017 ::  Unaudited Results for the Six Month Period Ended 31st December 2016.
  Unaudited Results for the Six Month Period Ended 31st December 2016.

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  05-JAN-2017 ::  PUBLIC ANNOUNCEMENT
  Appointment of Acting Managing Director & CEO.

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  30-NOV-2016 ::  AGM notice, abridged accounts 2016
  AGM notice, abridged accounts 2016

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  07-NOV-2016 ::  Notice on the Closure of Register for 4% & 7% Cumulative Preference Shares
  Notice on the Closure of Register for 4% & 7% Cumulative Preference Shares

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  31-OCT-2016 ::  RESULTS FOR THE YEAR ENDED 30TH JUNE 2016
  RESULTS FOR THE YEAR ENDED 30TH JUNE 2016

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