Kenon Holdings (KEN) has released its financial outcomes for the third quarter of 2024. The consolidated operational results from Kenon’s subsidiaries predominantly reflect the performance of OPC Energy Ltd. For the reported period, OPC achieved a net profit of $23 million, which is slightly below the $27 million recorded in the same quarter of the previous year. In terms of adjusted EBITDA, OPC reported $108 million, an increase from $104 million year-over-year. Meanwhile, OPC's revenue improved to $237 million compared to $229 million in the last year's corresponding quarter.
Regarding Kenon’s stake in ZIM, for the three months ending September 30, 2024, Kenon held approximately a 16.5% share, down from roughly 21% in the same quarter of 2023. For this period, ZIM reported a significant turnaround, with a net profit of $1.1 billion, starkly contrasting with the previous year's net loss of $2.3 billion, which included a substantial non-cash impairment loss of $2.1 billion. Furthermore, ZIM’s adjusted EBITDA surged to $1.5 billion from $211 million, and its revenues soared by about 117% to approximately $2.8 billion.
