In Q3 2018 FY (July 2017 – June 2018), Kernel, one of the largest Ukrainian agricultural groups, obtained the net losses, amounting to $39.1 mln, versus $32 mln of net profit for the same period of the last year, according to the financial report of the company, Interfax-Ukraine reports.
Meanwhile, in January-March, the company revenues decreased by 12% - up to $541.4 mln.
Kernel is the largest producer and exporter of the sunflower oil in Ukraine. It produces and exports grain products and provides services on storing agricultural crops on the elevators. In Ukraine, it distributes the bottled oil under the trademarks Shchedryi Dar, Stozhar, Chumak Zolota.
The company’s stocks have been traded at Warsaw Stock Exchange since 2007. The largest shareholder of Kernel through Namsen LTD is Andrei Verevsky, who increased his share from 38.13% to 39.47% (32.3 ml shares) in October-December 2017. Cascade Investment Fund (Cayman Islands), the beneficiary of which is the co-chairman of the deputy group Vidrodzhennya (Revival) Vitalii Khomutynnik, owns 6.59% of Kernel’s shares.
Kernel ended 2017 financial year (July 2016 – June 2017) with net profit, amounting to $176.2 mln, that is by 21.7% less than in 2016 FY. Its revenues increased by 9.1% - up to $2.2 bln, EBITDA decreased by 7.8% - up to $319.2 mln.
It should be reminded that in Q3 2018, Kernel decreased the sales of the bulk sunflower oil by 14%, bottled – by 24.4%, and grain – by 21.8%.