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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 Ltd. (KEN) reported a significant turnaround in Q3 2022, posting a net profit of $33 million compared to a loss of $33 million in Q3 2021. Adjusted EBITDA was $28 million, down from $38 million year-over-year. The company raised approximately $236 million through share offerings, enhancing its capital position. ZIM, in which Kenon holds a 21% stake, declared a $354 million dividend, expected to yield $73 million for Kenon after tax. However, ZIM's profit dropped to $1.2 billion in Q3 2022 from $1.5 billion in Q3 2021.
Kenon Holdings Ltd. (NYSE: KEN) reported Q2 2022 results with significant updates. In July, the company returned approximately $552 million ($10.25/share) to shareholders. ZIM announced a $571 million dividend, with Kenon expecting $118 million net. OPC's revenue reached $121 million with a net loss of $10 million, while its share in associated companies saw a decline. Kenon’s cash position was $453 million, down from $1,045 million due to recent capital actions. A power plant acquisition and share offerings were also highlighted.
Kenon Holdings Ltd. (KEN) has received approval from the High Court of Singapore for a capital reduction distribution amounting to approximately $552 million, or $10.25 per share. Shareholders had previously approved this at the 2022 Annual General Meeting. The Payment Date for the distribution is set for July 5, 2022, with a Record Date of June 27, 2022. The NYSE ex-dividend date is June 24, 2022, and the TASE ex-dividend date is June 27, 2022. Shareholders should consult tax advisors regarding potential tax implications.
Kenon Holdings Ltd. (NYSE: KEN) reported its Q1 2022 results, highlighting a planned capital reduction of approximately $552 million ($10.25 per share) for July 2022, pending High Court approval. ZIM, in which Kenon holds a 21% interest, reported a significant Q1 net profit of $1.7 billion, up from $0.6 billion YoY, with revenue reaching $3.7 billion. OPC, Kenon's primary operating company, achieved a Q1 net profit of $33 million, bolstered by increased energy sales. As of March 31, 2022, Kenon's cash position stood at $503 million, projected to rise to $978 million post-ZIM dividend.
Kenon Holdings Ltd. (NYSE: KEN) has announced its 2021 financial results, highlighting a capital reduction plan to distribute approximately $550 million to shareholders. Following the sale of 6 million shares in ZIM Integrated Shipping, Kenon retains a 20.7% stake in ZIM, which reported a remarkable net profit of $4.6 billion for 2021. Meanwhile, OPC, another subsidiary, saw its revenues rise to $488 million but reported a net loss of $94 million. Kenon's cash balance is expected to reach $982 million after receiving the ZIM dividend in April 2022.
Kenon Holdings Ltd. (NYSE: KEN) reported a Q3 2021 profit of $170 million, primarily impacted by ZIM's strong performance, which recorded a net profit of $1.46 billion. The board approved a cash dividend of $3.50 per share, totaling around $189 million, payable in January 2022. OPC’s revenues increased to $133 million but faced a net loss of $33 million due to significant project financing expenses. Kenon's liquidity stood at $238 million as of September 30, 2021. Notably, the company has written down its Qoros investment to zero amidst ongoing financial difficulties with its majority shareholder.
On October 5, 2021, Kenon Holdings Ltd. (NYSE: KEN) announced that its subsidiary, OPC Energy Ltd., successfully completed its public offering of 13,174,419 ordinary shares. As of the October 4 exercise deadline, 13,141,040 shares were purchased, equating to approximately 99.7% of the total offering. The offering raised about NIS 328.5 million (US$101.8 million). Kenon exercised rights for 8,149,263 shares, investing approximately NIS 205.7 million (US$63.7 million), increasing its ownership in OPC to about 58.8%. This marks a slight increase from its prior holding of 58.4%.
Kenon Holdings Ltd. (NYSE: KEN) reported Q2 2021 results, highlighting ZIM's net profit surge to $888 million from $25 million a year prior and a 200% increase in revenues to $2.4 billion. Conversely, OPC faced a net loss of approximately $34 million compared to a $5 million loss in Q2 2020, despite revenue growth of $29 million to $105 million. The report noted increased finance expenses and losses from associated companies. Additionally, Kenon is in the process of selling its remaining 12% stake in Qoros for approximately $241 million, which is subject to revised payment terms.
Kenon Holdings Ltd. (NYSE: KEN) reported strong Q1 2021 results, driven by ZIM's remarkable turnaround and OPC's revenue growth. ZIM achieved a net profit of $590 million, up from a loss of $12 million in Q1 2020, with EBITDA at $817 million. A special dividend of $2.00 per share, totaling $238 million, is set for September 2021, with $64 million for Kenon. OPC's revenues rose to $115 million, with a break-even net profit. Its acquisition of Competitive Power Ventures boosts growth, while a new solar project is expected to start operations by mid-2022. Kenon maintains strong liquidity with $120 million in cash.
Kenon Holdings Ltd. (NYSE: KEN) reported a net profit of $496 million for 2020, recovering from a $22 million loss in 2019. In April 2021, the board announced an interim cash dividend of $1.86 per share, totaling approximately $100 million. Kenon’s subsidiary OPC Energy reported revenues of $386 million but posted a net loss of $13 million due to acquisition costs. ZIM Integrated Shipping achieved a net profit of $524 million with revenues rising to $4 billion. Kenon plans to sell its remaining 12% stake in Qoros for $238 million, subject to conditions.
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