Core Insights - Kenon Holdings Ltd. reported a net profit of $53 million for 2024, an increase from $47 million in 2023, with a notable decrease in share profit from associated companies [3][4][7] - The company's revenue for 2024 was $751 million, up from $692 million in 2023, driven by increased sales in both Israel and the U.S. [7][10] - Kenon announced a cash dividend of approximately $250 million, equating to $4.80 per share, approved by its board of directors [8][24] Financial Performance - OPC's Adjusted EBITDA for 2024 was $332 million, compared to $304 million in 2023, reflecting improved operational performance [3][7] - Revenue from electricity sales increased by $59 million in 2024, with significant contributions from capacity payments and renewable energy sales [10][14] - Cost of sales rose to $522 million in 2024 from $494 million in 2023, primarily due to increased expenses related to energy acquisition and maintenance [13][21] Shareholder Returns - Kenon has repurchased approximately 681 thousand shares for about $20 million since September 2024, totaling 1.8 million shares repurchased since March 2023 [8][27] - The company sold its remaining interest in ZIM for net proceeds of $394 million, marking a significant divestment [8][30] Business Developments - In February 2025, CPV Shore completed a refinancing of approximately $436 million, with Kenon contributing about $55 million [20] - Kenon is actively pursuing enforcement of a CIETAC Award against Baoneng Group, which includes a claim for approximately $260 million [33][34]

Financial Indebtedness and Capital Structure - OPC had outstanding indebtedness of $1,267 million as of December 31, 2024, and CPV's associated companies had a proportionate share of debt of $1,203 million[83]. - In 2024, CPV Renewables raised equity financing of $300 million in exchange for 33.33% of its equity interests, with $200 million funded as of March 31, 2025[59]. - Kenon participated in OPC equity raises in 2024, 2022, and 2021, indicating ongoing financial involvement and potential dilution risks[58]. - The company faces risks related to obtaining additional financing for construction and development projects, particularly in Israel and the United States[57]. - Financial market conditions were volatile in 2024, impacting the ability to access capital and the cost of debt financing[73]. - The company is dependent on cash flows from its businesses to meet existing and future obligations, particularly from dividends from OPC[78]. - The company may face competition for acquisition opportunities, which could increase costs or result in lost opportunities[68]. - Any funds used for acquisitions will reduce amounts available for investments in existing businesses and could require raising additional debt or equity financing[70]. - The company faces significant risks due to high leverage, with income and net assets being more sensitive to declines in earnings and increases in expenses and interest rates[84]. - As of December 31, 2024, OPC had consolidated indebtedness of $1,267 million, which requires compliance with certain financial covenants[124]. - High leverage levels pose risks for OPC, including difficulties in securing funding for strategic plans and potential adverse impacts on credit ratings[149]. - OPC's dependency on dividends from subsidiaries may limit cash flow availability, affecting its ability to meet liabilities[151]. Regulatory and Compliance Risks - The ability to consummate future investments and acquisitions may depend on obtaining required government and regulatory approvals[67]. - The company relies on the internal controls and financial reporting of its businesses, which could impact compliance with applicable reporting standards[82]. - The company is subject to legal compliance risks, including investigations by regulators that could lead to fines and operational disruptions[112]. - Changes in trade policies and international sanctions could adversely affect the company's ability to operate and repatriate profits[119]. - The company must maintain compliance with the U.S. Foreign Corrupt Practices Act and similar laws to avoid significant legal and financial repercussions[117]. - OPC's operations are subject to regulations regarding ties with hostile entities, which may expose the company to sanctions[197]. - CPV Group must obtain and renew various permits for its operations, with non-compliance potentially resulting in severe penalties and project delays[215]. Market and Economic Conditions - Economic conditions, including inflation and geopolitical events, could materially affect the company's business and operating results[99]. - The company operates in various geographic regions, exposing it to economic volatility and regulatory risks[104]. - The geopolitical landscape, including military actions and political instability, could materially impact the company's operations[109]. - Global geopolitical instability, including the War in Israel and the Russian invasion of Ukraine, may disrupt OPC's supply chain and financing availability[152][153]. - The political and security situation in Israel may adversely affect OPC's operations and financial results, including potential damage to facilities[154][155]. Operational Risks - The company faces potential disruptions from raw material shortages and supplier capacity constraints, particularly in natural gas and renewable energy components[107]. - Cybersecurity threats are increasing, with potential impacts on business operations and data integrity due to sophisticated attacks[110]. - The company is exposed to foreign exchange rate fluctuations, particularly with significant operations in Israel and the U.S., which could adversely affect earnings and balance sheet strength[94]. - Current high interest rates could hinder the company's ability to obtain future financing or service existing debt, impacting revenue and operating results[102]. - OPC faces risks related to gas supply agreements, including "take or pay" obligations that may expose the company to additional payment obligations[133]. - Natural disasters and climate change may impair OPC's operations and require significant investments for facility renovations[160][161]. - OPC's operations are subject to ongoing adjustments to minimize exposure to cyber risks, particularly in light of the current geopolitical situation[164]. - The integrity of national gas pipelines and electrical grids is critical for OPC's operations, with potential interruptions affecting electricity supply[195]. - The company faces risks related to recruitment and retention of skilled employees, which could impact project execution[171]. - OPC's operations may be adversely affected by pandemics, which could disrupt supply chains and project timelines[170]. Competitive Landscape - The company’s ability to withstand competitive pressures may be impaired due to covenants and limitations in financing agreements[85]. - OPC's competitive position is threatened by increasing competition in the Israeli electricity market, which may affect commercial arrangements[185]. - Revenues are highly sensitive to significant customers, and any default or failure to renew agreements could materially impact financial results[186]. - CPV's operations are influenced by energy market risks and regulatory changes in the U.S., affecting profitability and project development[201]. - CPV is exposed to market risks, including fluctuations in energy prices and capacity payments determined by auctions[204][205]. Environmental and Technological Risks - Environmental regulations may impose significant costs on CPV Group, requiring investments to comply with stricter standards related to emissions and waste management[214]. - The expected expansion of greenhouse gas regulations poses risks to CPV's gas-fired power plants while promoting renewable energy projects[219]. - New York's Climate Leadership and Community Protection Act mandates a 40% reduction in greenhouse gas emissions by 2030, impacting CPV's operational strategies[220]. - Severe weather conditions could adversely affect CPV's operations, leading to increased repair costs and potential revenue loss[223]. - Malfunctions and technical failures in CPV's facilities could adversely affect operational reliability and financial results[211]. - The reliance on external suppliers for construction and maintenance may lead to increased costs and operational challenges, particularly due to global events affecting raw material prices[213]. Corporate Governance and Shareholder Issues - The company is incorporated in Singapore and follows home country corporate governance practices, which may provide less investor protection compared to U.S. domestic issuers[236]. - The company is not required to maintain a board with a majority of independent directors or a fully independent nominating and corporate governance committee as per NYSE standards[237]. - The company may rely on foreign private issuer exemptions in the future, potentially reducing the scope of information and protection for investors[239]. - There is no treaty between the United States and Singapore for the reciprocal recognition and enforcement of judgments, complicating the enforcement of U.S. court judgments in Singapore[241]. - The company may be treated as a passive foreign investment company (PFIC) for U.S. federal income tax purposes, which could have adverse tax consequences for U.S. holders[247]. - The company believes it was not a PFIC for the taxable year ended December 31, 2024, but this status is subject to uncertainty and may change based on asset valuation and income composition[248]. - The company has general authority to allot and issue new shares, which may dilute existing shareholders[246]. - Shareholders may not benefit from the Singapore Code on Take-overs and Mergers due to a waiver, potentially affecting the value of ordinary shares[245]. - The company’s significant shareholder may influence the board to issue additional ordinary shares, which could dilute existing holdings[246]. - The company’s corporate governance practices may make it more difficult for shareholders to protect their interests compared to U.S. corporations[242].

Revenue and Profitability - Kenon reported a revenue increase to $751 million in 2024, up from $692 million in 2023, representing an 8.5% growth[5] - Gross profit rose to $144 million in 2024, compared to $120 million in 2023, reflecting a 20% increase[5] - The company achieved a profit of $634 million for the year, a significant turnaround from a loss of $211 million in 2023[5] - Basic profit per share attributable to Kenon's shareholders increased to $11.34 in 2024, compared to a loss of $4.42 in 2023[5] Cash and Assets - Cash and cash equivalents at the end of 2024 reached $1,016 million, up from $697 million in 2023, marking a 46% increase[6] - Total assets increased to $4,213 million in 2024, compared to $4,108 million in 2023, a growth of 2.6%[4] - Cash and cash equivalents, including restricted cash, totaled $97 million as of December 31, 2024, compared to $195 million in 2023, a decline of about 50.26%[19] Liabilities and Debt - Total liabilities decreased to $1,554 million in 2024, down from $2,038 million in 2023, a reduction of 23.7%[4] - As of December 31, 2024, total debt for OPC's subsidiaries was $612 million, compared to $899 million in 2023, showing a decrease of approximately 31.93%[19] - Net debt as of December 31, 2024, was $503 million, down from $688 million in 2023, indicating a reduction of approximately 26.93%[19] Investment and Financial Performance - Investment in OPC's associated companies rose significantly to $1,459 million in 2024, compared to $703 million in 2023, an increase of 107%[4] - For the year ended December 31, 2024, OPC reported a profit of $53 million, an increase from $47 million in 2023, representing a growth of approximately 12.77%[17] - EBITDA for the same period was $386 million, up from $301 million in 2023, indicating a year-over-year increase of about 28.19%[17] - Adjusted EBITDA, including the proportionate share of associated companies, was $332 million in 2024, compared to $304 million in 2023, reflecting an increase of approximately 9.21%[17] Expenses and Taxation - Financing expenses, net, rose to $82 million in 2024 from $53 million in 2023, marking a significant increase of about 54.72%[17] - Income tax expense increased to $37 million in 2024 from $19 million in 2023, which is an increase of approximately 94.74%[17] - Changes in net expenses not in the ordinary course of business resulted in a negative impact of $54 million in 2024, compared to a positive impact of $5 million in 2023[17] Other Financial Metrics - The company reported a gain of $69 million from the loss of control in CPV Renewable, contributing to the overall profit[5] - The share of changes in fair value of derivative financial instruments was negligible in 2024, with no impact reported, compared to a negative impact of $2 million in 2023[17] - Cash flows from operating activities totaled $265 million in 2024, slightly down from $277 million in 2023[6]

Group 1: Company Overview - Kenon Holdings Ltd. announced its Q3 2024 results and additional updates [1] - The consolidated results primarily reflect the performance of OPC Energy Ltd. and the share of ZIM Integrated Shipping Ltd. is included under associated companies [3][4] Group 2: Financial Results of OPC - OPC reported a net profit of $23 million in Q3 2024, down from $27 million in Q3 2023, with a share in profit from CPV of $17 million compared to $22 million in the prior year [6] - Adjusted EBITDA for OPC in Q3 2024 was $108 million, slightly up from $104 million in Q3 2023 [6] - OPC's revenue increased by $8 million to $237 million in Q3 2024 compared to $229 million in Q3 2023 [10][13] Group 3: Financial Results of ZIM - ZIM reported a net profit of $1.1 billion in Q3 2024, a significant recovery from a net loss of $2.3 billion in Q3 2023 [8][36] - Adjusted EBITDA for ZIM in Q3 2024 was $1.5 billion, compared to $211 million in Q3 2023 [8][36] - ZIM's revenues surged approximately 117% to $2.8 billion in Q3 2024, driven by increased freight rates and volume [36] Group 4: Share Repurchase and Dividends - Kenon repurchased approximately 348,000 shares for about $10 million since September 2024 [7] - ZIM announced a cash dividend of $3.65 per share, totaling approximately $440 million, with Kenon expected to receive about $49 million net of tax [8] Group 5: Business Developments - Kenon plans to sell additional shares in ZIM and has terminated a collar transaction over 5 million ZIM shares, receiving net cash proceeds of approximately $93 million [7][44] - OPC completed the acquisition of additional interests in two natural gas-fired power plants, with total acquisition costs estimated between $200 million and $230 million [27][28]

Group 1 - Kenon Holdings Ltd. (NYSE: KEN) has seen a strong performance in 2024, with shares up 41% year-to-date, benefiting from higher global freight rates [1] - The Drewry World Container Index (WCI) has experienced high volatility, impacting the shipping industry [1] Group 2 - The article does not provide any additional relevant information regarding the company or industry [2][3]

Revenue Performance - Total revenues from energy sales in Israel reached NIS 1,503 million for the nine-month period ended September 30, 2024, compared to NIS 1,406 million in the same period of 2023, reflecting an increase of approximately 6.9%[8] - The total income in the USA for the same period was NIS 355 million, up from NIS 192 million in 2023, indicating an increase of approximately 85.9%[8] - The company's total income for the nine-month period ended September 30, 2024, was NIS 2,190 million, compared to NIS 1,971 million in the previous year, representing a growth of about 11.1%[8] - Revenues from the sale of energy to private customers in Israel were NIS 1,138 million for the nine-month period, slightly down from NIS 1,154 million in the same period of 2023[8] - Revenues for the nine-month period ended September 30, 2024, were $305,405 thousand, a decrease of 5.7% from $324,031 thousand[176] Profitability - Profit for the period was NIS 86 million, reflecting a decrease from NIS 101 million in the previous year[3][5] - Profit for the period ended September 30, 2024, was NIS 74 million, a decrease of 47% compared to NIS 140 million for the same period in 2023[61] - Profit for the period was $85,741 thousand, down 13.1% from $98,734 thousand[176] - Profit for the period was $98,734 thousand, a decrease from $105,039 thousand in the previous period, reflecting a decline of approximately 6.2%[195] Financial Ratios and Stability - The company reported a net financial debt to adjusted EBITDA ratio not exceeding 8, maintaining compliance with financial covenants[18] - The equity to total assets ratio was maintained above 20%, ensuring financial stability[18] - The actual net financial debt to adjusted EBITDA ratio as of September 30, 2024, was 5.0, significantly below the required maximum of 13[41] - The company's equity to asset ratio was reported at 71%, well above the required minimum of 17%[41] - The average expected Debt Service Coverage Ratio (DSCR) was reported at 1.68, exceeding the minimum requirement of 1.10[52] Cash Flow and Financing Activities - For the nine-month period ended September 30, 2023, cash flows provided by financing activities amounted to NIS 1,187 million, with a net cash increase of NIS 23 million[45] - The balance of cash and cash equivalents at the end of the period was NIS 1,151 million, reflecting an increase from NIS 915 million at the beginning of the period[45] - The net cash provided by operating activities for the nine-month period ended September 30, 2024, was NIS 745 million, an increase of 68% from NIS 443 million in the same period of 2023[61] - The company raised NIS 779 million from share issuance and NIS 1,649 million from long-term loans during the reporting period[45] - The net cash provided by operating activities was $113,499 thousand, compared to $98,957 thousand, indicating an increase of about 14.5%[196] Investments and Projects - The company is actively pursuing market expansion in renewable energy sectors, particularly in the USA, with revenues from renewable sources reaching NIS 164 million[8] - As of September 30, 2024, total operating projects in Israel amounted to NIS 249 million, an increase from NIS 244 million as of December 31, 2023[25] - Projects under construction and development in Israel rose to NIS 87 million from NIS 47 million[25] - Total projects under construction and development in the US increased significantly to NIS 317 million from NIS 148 million[25] - In the nine-month period ended September 30, 2024, the company purchased property, plant, and equipment for approximately NIS 982 million[112] Impairment and Losses - An impairment loss of approximately NIS 21 million was recognized in Q1 2024, primarily attributed to goodwill[29] - The company recognized an impairment loss of approximately NIS 31 million related to the Hadera 2 Project due to a government resolution rejecting the construction plan[114] - The company reported a share in profits of associates at a loss of NIS 150 million for the nine-month period ended September 30, 2024, compared to a loss of NIS 179 million in the same period of 2023[61] Tax and Regulatory Changes - In September 2024, an amendment to the Fuel Excise Tax Ordinance will increase the excise tax on natural gas from NIS 19 to NIS 33 in 2025, potentially impacting the company's costs[121] Acquisitions and Partnerships - CPV Group entered into an acquisition agreement to acquire additional interests in the Shore and Maryland projects, which may result in ownership of approximately 68% and 75% respectively[122] - The acquisition of an additional 25% interest in the Maryland Power Plant was completed on October 11, 2024, with further agreements signed for an additional 31% in Shore and 25% in Maryland[123] - The total amount required for the completion of the acquisitions is estimated to be approximately USD 200-230 million (NIS 755-870 million)[125]

Core Insights - Kenon Holdings Ltd. reported its Q2 2024 results, highlighting significant financial activities and updates regarding its investments in ZIM and OPC [1][2][5]. Financial Highlights - Kenon sold 5 million shares of ZIM for $111 million in June 2024, maintaining its position as the largest shareholder with a 16.5% stake [2][32]. - Kenon increased its share repurchase plan by $10 million to a total of $60 million, with a mandate for repurchases of up to $30 million through March 31, 2025 [2][31]. - OPC raised NIS 800 million (approximately $220 million) in a share offering in July 2024, with Kenon investing approximately NIS 428 million (around $120 million) to maintain a 54.5% ownership [3][18]. ZIM Performance - ZIM reported a net profit of $373 million in Q2 2024, a turnaround from a net loss of $213 million in Q2 2023, with revenues increasing by approximately 48% to $1.9 billion [4][28]. - The average freight rate for ZIM in Q2 2024 was $1,674 per TEU, compared to $1,193 per TEU in Q2 2023, reflecting a significant increase in both freight rates and carried volume [27][28]. OPC Financial Results - OPC reported a net loss of $7 million in Q2 2024, an improvement from a loss of $11 million in Q2 2023, with Adjusted EBITDA rising to $66 million from $47 million year-over-year [3][7]. - Revenue for OPC increased to $181 million in Q2 2024, up from $165 million in Q2 2023, driven by higher availability payments and energy sales [8][11]. Strategic Developments - OPC announced a $300 million investment agreement with Harrison Street for a 33.33% stake in CPV Renewable Power LP [3][19]. - OPC successfully bid for additional land to build renewable energy facilities, with an estimated project cost between NIS 4.4 billion and NIS 4.9 billion (approximately $1.2 billion to $1.3 billion) [21][22]. Arbitration Updates - Kenon received an ICSID award of $110.7 million in damages related to its arbitration against Peru, with total claims including interest amounting to approximately $179.2 million as of August 31, 2024 [36][37]. - The CIETAC award in favor of Kenon regarding Qoros is approximately RMB 1.9 billion (around $268 million), with ongoing legal proceedings related to enforcement [40][41].

Group 1: Financial Performance - Kenon's consolidated revenue for Q1 2024 was $174 million, an increase from $147 million in Q1 2023, representing a growth of approximately 18% [8][11] - OPC's net profit for Q1 2024 was $4 million, down from $22 million in Q1 2023, with a share in profit from CPV of $20 million compared to $24 million in the previous year [9][10] - ZIM reported a net profit of $92 million in Q1 2024, a significant recovery from a net loss of $58 million in Q1 2023, with Adjusted EBITDA rising to $427 million from $373 million [25][24] Group 2: Operational Highlights - OPC's Adjusted EBITDA for Q1 2024 was $95 million, up from $75 million in Q1 2023, indicating improved operational efficiency [9][10] - ZIM carried approximately 846 thousand TEUs in Q1 2024, a 10% increase from 769 thousand TEUs in Q1 2023, with average freight rates rising to $1,452 per TEU from $1,390 [24][25] - Revenue from the sale of electricity to private customers increased, with OPC's revenue from private customers decreasing by $5 million due to lower infrastructure tariffs and reduced consumption [15][12] Group 3: Dividends and Investments - Kenon distributed a cash dividend of approximately $200 million in April 2024, equating to $3.80 per share [9] - ZIM announced a cash dividend of $0.23 per share, totaling approximately $28 million, with Kenon's share being around $5 million net of tax [23][25] - CPV Renewable Power entered into a non-binding term sheet for a potential $300 million investment, reflecting a pre-money valuation of $620 million [22] Group 4: Legal and Arbitration Developments - Kenon obtained a favorable ruling in litigation against Shenzhen Baoneng Investment Group, with the court ordering Baoneng to deposit approximately RMB 1.4 billion (around $193 million) into an escrow account [32][31] - The arbitration award in favor of Kenon and IC Power amounts to $110.7 million in damages, with pre- and post-award interest estimated at approximately $60 million as of April 30, 2024 [27][28] - Kenon is taking steps to enforce the arbitration award, with Peru having 120 days to file for annulment [29]

Core Viewpoint - Kenon Holdings Ltd., a significant shareholder in ZIM Integrated Shipping Services Ltd., presents an interesting investment opportunity due to its exposure to ZIM and its stable utility business through OPC Energy Ltd. [1] Group 1: Kenon Holdings Overview - Kenon Holdings owns a 21% stake in ZIM, a company that has seen its stock price nearly double recently [1] - Kenon's portfolio primarily consists of ZIM and a 55% majority interest in OPC Energy, a utility company [2][4] Group 2: ZIM Integrated Shipping Services - ZIM's business model is highly volatile due to its significant exposure to the spot market, which leads to disproportionate profits during high shipping rates and losses during low rates [2] - Recent disruptions in the Red Sea, caused by the Houthi militia, have resulted in high shipping rates, benefiting ZIM [2] - ZIM has a dividend policy of distributing 30% to 50% of net income, which means Kenon receives substantial cash distributions as long as ZIM remains profitable [3] Group 3: OPC Energy Ltd. - OPC Energy has a generation capacity of approximately 1300 MW in Israel and operates 278 MW of wind and solar capacity in the US [4][5] - For FY2023, OPC reported net profits of $47 million, adjusted EBITDA of $304 million, and revenues of $692 million [6] Group 4: Dividend and Financial Position - Kenon recently distributed an interim dividend of $3.8 per share, yielding over 15% based on the share price at the time [7] - As of March 26, Kenon had approximately $639 million in cash and equivalents, with a distribution of around $200 million reducing this amount [8] Group 5: Risks and Considerations - The primary risk for Kenon is tied to the performance of its portfolio companies, particularly ZIM, which faces high volatility and potential losses [9] - OPC Energy has outstanding debts of $1.53 billion, with cash and equivalents of $278 million, indicating some financial risk [11] - Geopolitical risks exist for both ZIM and OPC, particularly related to operations in Israel and potential boycotts [10][12] Group 6: Investment Thesis - Kenon is considered attractively valued, with potential for the stock price to increase by at least 50% if dividends are maintained or increased [13]

Revenue and Profitability - Kenon reported a revenue of $692 million for the year ended December 31, 2023, representing a 20.6% increase from $574 million in 2022[7] - Gross profit increased to $120 million in 2023, up from $100 million in 2022, reflecting a gross margin improvement[7] - The company incurred a net loss of $211 million in 2023, compared to a profit of $350 million in the previous year, primarily due to losses related to ZIM[7] - For the year ended December 31, 2023, OPC reported a profit of $47 million, down from $65 million in 2022, representing a decrease of approximately 27.7%[21] - OPC's EBITDA for 2023 was $301 million, an increase of 22.9% from $245 million in 2022[21] - Adjusted EBITDA for 2023 was $304 million, up 21.6% compared to $250 million in 2022[21] Cash and Liquidity - Cash and cash equivalents at the end of 2023 were $697 million, an increase from $535 million at the end of 2022[8] - Cash flows from operating activities were $277 million in 2023, down from $771 million in 2022, primarily due to lower dividends received from associated companies[8] - Cash and cash equivalents for OPC's subsidiaries as of December 31, 2023, totaled $195 million, compared to $291 million in 2022, indicating a decrease of 32.9%[22] Assets and Liabilities - Total assets grew to $4,108 million in 2023, up from $3,772 million in 2022, indicating a strong asset base[6] - Total liabilities increased to $2,038 million in 2023, compared to $1,476 million in 2022, driven by higher long-term loans[6] - The company’s equity attributable to owners decreased to $1,203 million in 2023 from $1,598 million in 2022, reflecting the net loss for the year[6] - Total debt for OPC's subsidiaries as of December 31, 2023, was $899 million, a decrease from $1,043 million in 2022[22] - Net debt for OPC as of December 31, 2023, was $688 million, down from $752 million in 2022, reflecting a reduction of 8.5%[22] Expenses - Financing expenses, net for OPC increased to $53 million in 2023 from $14 million in 2022, marking a significant rise of 278.6%[21] - Depreciation and amortization expenses rose to $91 million in 2023, up from $63 million in 2022, an increase of 44.4%[21] - Income tax expense for OPC was $19 million in 2023, slightly down from $20 million in 2022[21] - Changes in net expenses not in the ordinary course of business and/or of a non-recurring nature amounted to $5 million in 2023, compared to $2 million in 2022[21] Associated Companies - Kenon’s share in losses from associated companies, particularly ZIM, amounted to $266 million in 2023, a significant decline from a profit of $1,033 million in 2022[7] - The adjusted EBITDA for Kenon was reported at $294 million for 2023, compared to $239 million in 2022, indicating operational improvement[11]