Kenon Holdings Reports Q3 2024 Results and Additional Updates

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]