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Kenon Holdings Ltd. (NYSE: KEN, TASE: KEN) is a diversified holding company focused on managing dynamic, growth-oriented businesses. Headquartered in Singapore, Kenon operates through its subsidiaries and associated companies across various sectors, including power generation, shipping, and automotive industries.
Core Businesses
- IC Power: Kenon fully owns IC Power, which is a leading developer and operator of power generation and distribution facilities. IC Power operates in Latin America, the Caribbean, and Israel, providing essential energy solutions to these regions.
- OPC Energy Ltd: This segment of Kenon operates within Israel's electricity generation market. OPC is involved in initiating, developing, constructing, and operating power plants, primarily serving private customers under Power Purchase Agreements (PPAs). The majority of Kenon's revenue is derived from this segment.
- CPV Group: With a 70% stake, Kenon oversees CPV Group, which focuses on renewable energy projects in the U.S., including solar and wind power developments.
- ZIM Integrated Shipping Services Ltd: Kenon holds a 32% interest in ZIM, an international shipping company. ZIM operates a fleet of vessels that transport a diversified range of cargoes worldwide.
- Qoros Automotive Co., Ltd: Kenon owns a 12% interest in Qoros, a China-based automotive company involved in the development and manufacturing of automobiles.
Recent Achievements and Financial Highlights (Q2-Q3 2023)
In recent quarters, Kenon has demonstrated significant progress and growth:
- IC Power secured a favorable arbitration award from Peru, amounting to $110.7 million in damages, following a dispute under the Free Trade Agreement between Singapore and Peru.
- OPC's revenue saw a notable increase due to higher electricity tariffs and successful commercial operations of new power plants.
- ZIM achieved a milestone by carrying approximately 860 thousand TEUs in Q2 2023, reflecting a stable increase in cargo volumes.
- Kenon completed its share repurchase plan, effectively enhancing shareholder value through strategic buybacks.
Liquidity and Capital Resources (As of June 30, 2023)
Kenon's robust financial position includes $632 million in stand-alone cash and substantial cash reserves across its operating segments. The company maintains minimal debt at the holding level, ensuring financial stability and operational agility.
Strategic Developments
- Kenon continues to explore strategic opportunities to unlock shareholder value through potential spin-offs, listings, and direct shareholder access to its businesses.
- CPV Group entered into a financing agreement for renewable energy projects, reflecting Kenon's commitment to sustainable development.
- The company is actively managing geopolitical risks, particularly in Israel, to safeguard its operations and mitigate potential impacts from regional conflicts.
Kenon remains committed to its long-term strategy of creating value for shareholders by leveraging its diversified portfolio and exploring new growth opportunities across geographies and sectors.
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.
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.
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