kenya power reports record profit driven by strong local currency gains

Kenya Power and Lighting Co. has reported a record profit for the fiscal year due to the appreciation of the Kenyan shilling against the US dollar.

The rise in the local currency has reduced the company's debt burden as most of its liabilities are in foreign currency. This has resulted in unrealized foreign-exchange gains of 7.88 billion shillings ($61 million) for the year ending June 30.

The company's improved financial standing has boosted investor confidence and led to a new high in its stock price.

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