Kenya Power CEO Joseph Siror received a 91% pay rise, with his total annual compensation rising to KSh 46.02 million in the year ended June 2026. This significant increase reflects the company's improved financial performance, which included a 2.1% rise in net profit to KSh 24.99 billion and an 8.6% increase in electricity sales revenue to KSh 238.24 billion. Siror's pay package included a higher base salary, increased expense allowances, and a gratuity payment that did not feature in previous years.
Siror's pay increase was driven by three main components: a 32.8% rise in base salary from KSh 17.37 million to KSh 23.07 million, a 55.4% increase in expense allowances from KSh 6.77 million to KSh 10.52 million, and a KSh 12.44 million gratuity payment. This substantial pay rise is a reflection of Kenya Power's sustained financial turnaround under Siror's leadership. The company's financial performance has been on an upward trajectory, with units sold climbing 12% to 12,777 GWh from 11,403 GWh.
Kenya Power's financial performance was also marked by a significant reduction in finance costs, down 34.7% to KSh 3.08 billion, which helped the company sustain overall profit growth. Despite a 5.5% increase in cost of sales to KSh 152.7 billion and a 26.7% surge in operating expenses to KSh 53.8 billion, the company's operating profit remained relatively stable. The board's decision to reward Siror more generously reflects the company's improved financial health and its desire to attract and retain top talent.
The company's dividend payout also increased sharply during the period, with Kenya Power proposing a total dividend of KSh 1.50 per share for FY2026, comprising an interim payment of KSh 0.30 and a final dividend of KSh 1.20. This represents a 50% increase from the KSh 1.00 per share paid in 2025, bringing the total distribution to KSh 2.93 billion. The 2024 financial year had marked the company's first dividend payout in seven years, at KSh 0.70 per share, following a return to profit after a KSh 3.19 billion net loss in 2023.
Total compensation to Kenya Power's board, including the CEO, rose to KSh 112.77 million from KSh 58.87 million the prior year, partly due to higher expense allowances and revised non-executive director fees. Sitting allowances remain at KSh 20,000 per session, with an accommodation allowance of KSh 18,200 for travel outside Nairobi. Despite the sharp rise, Siror's pay remains a fraction of what comparable private-sector chief executives earn.
In comparison, Co-operative Bank CEO Gideon Muriuki received KSh 489.5 million in the year ended December 2025, while Safaricom CEO Peter Ndegwa was paid KSh 324.5 million in the 12 months to March 2026. As a state-controlled entity, Kenya Power's executive pay is subject to oversight by the Salaries and Remuneration Commission, which constrains remuneration relative to the private sector.
The pay rise for Siror and the board comes as Kenya Power continues to invest in its operations and expand its customer base. The company connected 411,710 new customers during the period, improving its distribution and transmission efficiency from 78.79% to 81.42%. With its financial performance on an upward trajectory, Kenya Power is poised for continued growth and investment in the energy sector.
Key points
- Kenya Power CEO Joseph Siror's annual pay rises by 91% to KSh 46.02 million in 2026.
- The pay increase reflects the company's improved financial performance, including a 2.1% rise in net profit and an 8.6% increase in electricity sales revenue.
- Siror's pay remains a fraction of what comparable private-sector chief executives earn, due to oversight by the Salaries and Remuneration Commission.
