Kenon Holdings reports Q2 2024 results and updates in Singapore

In June 2024, Kenon Holdings sold 5 million shares of ZIM, generating $111 million. Additionally, a collar transaction was established for another 5 million ZIM shares. In July 2024, OPC raised approximately $220 million through a share offering, aimed at strengthening its capital structure and financing potential increases in ownership in two power plants. Despite a net loss of $7 million in Q2 2024, OPC's revenue increased to $181 million, reflecting a $16 million rise from the previous year. ZIM announced a cash dividend of $0.93 per share in August 2024, totaling around $112 million, with Kenon set to receive approximately $14 million after tax. ZIM's Adjusted EBITDA surged to $766 million in Q2 2024, a significant increase from $275 million in Q2 2023. This growth indicates a strong recovery and operational performance within ZIM, contributing positively to Kenon's financial outlook. As of September 9, 2024, Kenon reported $445 million in cash and cash equivalents, excluding the pending ZIM dividend. The financial maneuvers, including the sale of ZIM shares and the collar transaction, reflect Kenon's strategic approach to managing its investments and liquidity. The company is also involved in ongoing legal proceedings related to Qoros and the ICSID Award, which could further impact its financial standing. Overall, the results for Q2 2024 demonstrate a mixed performance across Kenon's subsidiaries, with ZIM showing robust growth while OPC continues to navigate challenges. The strategic decisions made in June and July 2024 are expected to bolster Kenon's financial position moving forward.