Kenya Pipeline Company is preparing for its 46th annual general meeting, scheduled for December 2, 2026, as board changes and a proposed KSh5.9 billion final dividend come into focus. The board recommended a first and final dividend of KSh0.32 a share, for shareholders on the register on November 30.
The meeting will be the company’s first annual general meeting since its listing on the Nairobi Securities Exchange in March 2026. Shareholders are expected to vote on the dividend and the accounts for the year to June 2026. The company reported a 13 percent rise in profit after tax to KSh11.58 billion, up from KSh10.2 billion a year earlier, supported by higher petroleum transport volumes and better cash collections.
Revenue grew more modestly. Total revenue rose 9 percent to KSh42.98 billion, with transport revenue of KSh41.82 billion making up most of the total. Cash holdings increased and borrowings fell, which strengthened the company’s ability to pay a dividend.
The dividend amount is reported differently across sources. Nation reports KSh5.81 billion, while Radio Generation and the company’s abridged report give about KSh5.9 billion. Either way, the payout is set at KSh0.32 a share, and the total is a smaller share of profit than the increase in earnings suggests. That gap matters because KPC promised investors before the IPO that it would pay out 50 percent of net profit.
The board is also changing. Two government-nominated directors, Sharon Irungu-Asiyo and Mohamed Birik Mohamed, ceased to be directors on April 22, 2026, after Treasury revoked KPC’s classification as a National Government Entity through Legal Notice No. 72. The company announced the change on May 12.
The Kenya Pipeline Oil Workers’ Union has gone further, petitioning the Capital Markets Authority in May to reconstitute the board before a new managing director is hired. The union has raised concerns about the actions of the current board, and it wants governance questions resolved first.
The IPO terms also gave Uganda’s national oil company important powers. Reports say Uganda holds a veto over hiring and firing the chief executive, and must approve changes to fuel transport tariffs and the dividend policy while it remains on the board. Those rights will shape how the board’s changes play out.
The company is also searching for a managing director, having invited applications for the post after the IPO. Who fills that role, and how quickly, will influence the company’s approach to investment in pipelines, storage and its new Rwanda business.
KPC’s shares remain fairly liquid for a new listing. Indicative trading in the 12 months to early October 2026 totalled about US$28 million, or roughly US$2.3 million a month.
The next signals will be the outcome of the shareholder vote, the payment date for the dividend and any announcement of the board’s reconstitution or the managing director appointment. Investors will also watch whether the payout ratio rises to match the company’s stated policy.
