Kenon Holdings (KEN) Q4 2024 earnings summary

Executive summary

• Approved a $250 million cash dividend ($4.80/share) in April 2025 and completed the sale of all remaining ZIM shares for $394 million.

• Repurchased 681,000 shares for $20 million since September 2024, totaling 1.8 million shares since March 2023.

• OPC's net profit for 2024 was $53 million, up from $47 million in 2023, with Adjusted EBITDA rising to $332 million from $304 million.

Financial highlights

• OPC revenue increased to $751 million in 2024 from $692 million in 2023, driven by higher energy sales, capacity payments, and renewables.

• Cost of sales (excluding depreciation/amortization) rose to $522 million from $494 million, mainly due to plant maintenance and expanded operations.

• Finance expenses increased to $82 million from $53 million, primarily due to higher interest on new plant loans and renewable project financing.

• OPC's share of profit from associated companies fell by $21 million, impacted by higher interest and depreciation from new projects.

Outlook and guidance

• Interim dividend of $250 million approved for 2025, payable in April 2025.

• Share repurchase plan increased to $60 million in September 2024, with ongoing flexibility.