Kenon Holdings Ltd. reports corporate and operating developments as a holding company whose primary business is OPC Energy Ltd., an owner, operator and developer of power generation facilities in the Israeli and U.S. power markets through OPC and CPV Group.
Recurring updates cover annual and quarterly results, OPC revenue by geography, electricity tariffs, power purchase agreements, infrastructure-service costs, natural gas and diesel expenses, energy purchases and customer consumption. Kenon also reports capital actions such as dividends, share repurchases, OPC equity offerings and private placements, as well as legacy ZIM share and derivative transactions and material agreements involving OPC power assets and development projects.
Kenon Holdings has reported its Q3 2024 results with several key developments. The company has repurchased approximately 348,000 shares for $10 million under its share repurchase plan. OPC reported a Q3 2024 net profit of $23 million (compared to $27 million in Q3 2023) and Adjusted EBITDA of $108 million (vs $104 million in Q3 2023). ZIM announced strong results with a Q3 2024 net profit of $1.1 billion (compared to a net loss of $2.3 billion in Q3 2023) and Adjusted EBITDA of $1.5 billion (vs $211 million in Q3 2023). ZIM declared a dividend of $3.65 per share, with approximately $47 million net of tax payable to Kenon. The company has also reduced its stake in ZIM to 7.6% through various sales and derivative transactions.
Kenon Holdings (NYSE: KEN) announced its Q2 2024 results and provided additional updates. Key highlights include:
Kenon sold 5M ZIM shares for $111M in June 2024, remaining the largest shareholder. Entered a collar transaction on an additional 5M ZIM shares. Increased share repurchase plan to $60M and authorized up to $30M through March 2025. OPC raised $220M in a share offering, with Kenon investing $120M, raising its stake to 54.5%.
In August 2024, Harrison Street agreed to invest $300M in OPC's CPV Renewable for a 33.33% stake. OPC's PJM market capacity price rose to $269.92/MW-day. Financially, OPC reported a Q2 net loss of $7M, decreased from $11M in 2023, with $66M in Adjusted EBITDA, up from $47M. ZIM reported a Q2 profit of $373M from a $213M loss in 2023, with Adjusted EBITDA of $766M, up from $275M. ZIM declared a $0.93/share dividend, netting Kenon approximately $14M after tax.
Kenon Holdings (NYSE: KEN, TASE: KEN) reported its Q1 2024 results on June 3, 2024. The company received favorable court decisions in litigation against Shenzhen Baoneng and arbitration against Peru, leading to potential financial gains. Kenon distributed a $200 million dividend in April 2024 and is set to receive $5 million from ZIM's declared dividend.
OPC's Q1 2024 net profit was $4 million, down from $22 million in Q1 2023, though revenue increased to $174 million from $147 million. ZIM reported a net profit of $92 million, reversing a loss of $58 million in Q1 2023. ZIM's revenues were up by 14% to $1.6 billion.
Kenon's liquidity stood at $640 million as of March 31, 2024, with no material debt. OPC's adjusted EBITDA rose to $95 million from $75 million. Kenon continues to enforce its legal claims for substantial financial awards.
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Kenon Holdings Ltd. (NYSE: KEN) announced its 2022 results on March 30, 2023. The company reported a net profit of $65 million for its subsidiary OPC, a significant recovery from a net loss of $94 million in 2021. OPC's revenue rose to $574 million, with a share of profit from associated companies at $85 million. Kenon approved a cash dividend of $150 million ($2.79 per share) and a share repurchase plan of up to $50 million. Additionally, ZIM announced a cash dividend of $769 million, benefiting Kenon with an expected $159 million payment. However, Kenon faced an impairment of ZIM’s carrying value as of December 31, 2022.