“Kernel, one of Ukraine’s largest agro-industrial groups, in the third quarter of fiscal year 2023 (FY, January-March 2023), earned $69 million in net profit, while it ended the same period last year with a net loss of $103 million.
According to a financial report on the company’s Web site, the agriholding’s revenue fell 51 percent to $825 million in the reporting period.
EBITDA for the third quarter of 2023FY was $155 million, compared to a negative $32 million in 2022FY.
Compared to the previous quarter, net income decreased by 67%, EBITDA – by 44%, and revenue – by 33%, Kernel said.
Agroholding attributed this decrease to a decrease in both volumes and prices.
The company added that the net change in fair value of biological assets resulted in a loss of $11 million in January-March 2023, compared to a loss of $74 million in the same period the previous year.
“Kernel also recognized a $20 million asset impairment loss in the third quarter of fiscal 2023.
It is specified that in the structure of EBITDA the segment of infrastructure and trade in the third quarter of FY 2023 decreased by 32% year-on-year to $71 million, but was higher by 15% quarter-on-quarter, which was facilitated by a high trade markup on grain of Ukrainian origin.
Due to a decrease in world prices for grains and oilseeds in January-March 2023, the agriculture segment posted a $24 million loss in the reporting period.
According to the report, Kernel managed to reduce its net debt to $833 million as of March 31 this year from $1.048 billion at the beginning of the year and $1.715 billion at the end of March last year.
At the same time, agricultural stocks decreased to $497 million from $593 million and $1.181 billion, respectively.
Overall, Kernel increased its net profit by 36% YoY to $437 mln and EBITDA by 11% while revenues decreased by 45% to $2.715 bln in 9M2003.
As reported, Kernel ended FY2022 with a net loss of $41 million compared to $506 million in net income in the previous fiscal year on revenue down 5% to $5.332 billion.
Benchmark crude oil prices are declining Friday morning after a significant increase a day earlier.
Traders are worried about the likelihood of further rate hikes by the Federal Reserve and the European Central Bank, which could have a negative impact on fuel demand.
Brent crude futures for August delivery on London’s ICE Futures Exchange stood at $75.49 per barrel as of 7:57 a.m., down $0.18 (0.2%) from the close of the previous session. Those contracts rose $2.47 (3.4%) to $75.67 a barrel on Thursday.
The price of WTI futures for July crude oil on the electronic trades of the New York Mercantile Exchange (NYMEX) fell on Friday morning by $0.16 (0.2%) to $70.46 per barrel. The contract value rose by $2.35 (3%) to $70.62 a barrel at the end of previous session.
The Fed’s management decided Wednesday not to change the prime rate range (5-5.25% per year), but signaled the likelihood of further increases this year to curb consumer price growth.
The ECB, as forecasted, raised all three key interest rates by 25 basis points at the end of Thursday’s meeting – to the highest levels in 22 years. At the same time, Bank President Christine Lagarde said that the set goals in the fight against inflation have not yet been achieved. According to her, the central bank is “very likely” to raise rates again in July.
Shevchenko district court of Lviv changed the measure of restraint of the president of the Ukrainian Association of soccer (UAF) Andriy Pavelko on the case of embezzlement of funds and arrested him for 60 days, reports the publication FootballHub.
“Today, June 16, the investigating judge of the Shevchenko district court of the city of Lviv Belinskaya granted the prosecutor’s petition to change the measure of restraint and decided to change the measure of restraint to detention for 60 days until August 14 inclusive,” the report says.
According to the newspaper, bail in the amount of UAH 9.88 million, which was paid for Pavelko in November 2022 by the company “UAF Marketing”, is transferred to the state.
As it was reported, in November 2022 Pechersk district court of Kyiv decided to choose preventive measure in the form of custody with the alternative of bail in 9 million 880 thousand UAH to the President of UAF Andriy Pavelko.
The criminal proceedings on embezzlement of funds were investigated for over three years by the National Anti-Corruption Bureau (NABU) and then handed over to the police. It is about possible corruption of the FFU in the construction of soccer fields, which the NABU investigated in 2018.
As part of the investigation, Pavelko and UAF General Secretary Yuriy Zapisotskiy have been notified of suspicion under the article on embezzlement of funds.
Austrian territorial communities handed over specialized equipment to Kherson rescuers to eliminate floods and save people as a result of the Kakhovka hydroelectric power plant explosion. The regional military administration reported.
“Communities of Laxenburg and Wiener Neudorf of the county of Mjodling of the Republic of Austria transferred for the needs of employees of the State Emergency Service: inflatable boats, outboard engines, life jackets, motor pumps, pumps, fire hoses and other”.
“The other day, with the assistance of the Embassy of Ukraine in Austria, the humanitarian aid arrived in Zakarpattya, and from there it will already reach Kherson region,” the OVA said in the report.
South African President Cyril Ramaphosa will visit Kiev on Friday as part of his participation in the African peacekeeping mission, where he will meet with Ukrainian President Vladimir Zelensky to discuss a “peace plan” to end the war, the South African presidential press office reported.
Ramaphosa reportedly visited (Warsaw) Poland on Thursday, June 15, where he met with President Andrzej Duda.
The South African president is now on his way to Kiev for talks with President Zelensky. The mission includes leaders from South Africa, Zambia, Comoros, Congo-Brazzaville, Egypt, Senegal and Uganda as representatives of a continent that has experienced the adverse economic effects of war.
Earlier, the South African president held talks with Russian President Vladimir Putin, President Zelensky, Chinese President Xi Jinping and UN Secretary-General António Guterres.
Ramaphosa wants to make efforts to promote a “peaceful” process to resolve the Russian war against Ukraine. On Saturday, he and his delegation will arrive in Moscow for talks with Putin.
EGYPT, KIEV, PRESIDENT, SOUTH AFRICA, ZAMBIA, Сенегал, Уганда
Kherson Vodokanal received a modular water purification unit worth more than 3 million hryvnias, the regional military administration said.
According to the OVA’s Telegram channel on Thursday, the purchase of the unit was made possible thanks to the Kherson Regional Charitable Foundation “Unification” with the financial support of the United States (USAID) in coordination with the Kherson OVA.
“The cost of the installation is more than 3 million UAH. This mobile container will be effectively used by the city water utility to meet the drinking water needs of Kherson residents and after the liquidation of the consequences of flooding,” the message reads.
