Kenon Holdings Reports Full Year 2024 Results and Additional Updates
SINGAPORE, April 2, 2025 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE:KEN) (TASE: KEN) ("Kenon") announces its results for 2024 and additional updates.
Q4 and Recent Highlights
Kenon
In April 2025, Kenon's board of directors approved a cash dividend of approximately $250 million ($4.80 per share).
In Q4 2024, Kenon sold all of its remaining interest in ZIM for net consideration of $394 million.
Kenon has repurchased approximately 681 thousand shares for an amount of approximately $20 million pursuant to its share repurchase plan since its announcement in September 2024, for a total of 1.8 million shares since the establishment of its repurchase program in March 2023.
OPC
Financial results:- OPC's net profit in 2024 was $53 million, as compared to a net profit of $47 million in 2023. OPC's 2024 net profit included its share in profit of CPV of $45 million as compared to $66 million in 2023.- OPC's Adjusted EBITDA including proportionate share in Adjusted EBITDA of associated companies[1] in 2024 was $332 million as compared to $304 million in 2023.
Discussion of Results for the Year ended December 31, 2024
Kenon's consolidated results of operations from its operating companies essentially comprise the consolidated results of OPC Energy Ltd ("OPC").
See Exhibit 99.2 of Kenon's Form 6-K dated April 2, 2025 for a summary of Kenon's consolidated financial information; a summary of OPC's consolidated financial information; a reconciliation of OPC's EBITDA and Adjusted EBITDA including proportionate share in Adjusted EBITDA of associated companies (which is a non-IFRS measure) to profit for the period; and a summary of financial information of OPC's subsidiaries.
OPC
The following discussion of OPC's results of operations is derived from OPC's consolidated financial statements, which are denominated in NIS for purposes of OPC's financial statements, as translated into US dollars for Kenon's financial statements.
Summary Financial Information of OPC
For the year ended
December 31,
2024
2023
$ millions
Revenue
751
692
Cost of sales (excluding depreciation and amortization)
(522)
(494)
Finance expenses, net
(82)
(53)
Share in profit of associated companies, net
45
66
Profit for the period
53
47
Attributable to:
Equity holders of OPC
30
40
Non-controlling interest
23
7
Adjusted EBITDA including proportionate share in Adjusted EBITDA of associated companies [2]
332
304
For details of OPC's results please refer to Appendix B.
Revenue
For the year ended
December 31,
2024
2023
$ millions
Israel
625
619
U.S.
126
https://www.benzinga.com/pressreleases/25/04/n44616610/kenon-holdings-reports-full-year-2024-results-and-additional-updates
