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Kernel, one of the largest Ukrainian agrarian groups, in the third quarter of fiscal year 2021 (FY, began in July 2020), reduced sales of sunflower oil by 2% compared to the same period in the previous FY, to 371,920 tonnes.
According to a report posted on the company’s website on Friday, the share of bottled oil of total sales was 10% (37,000 tonnes).
Kernel processed 902,000 tonnes of oilseeds in Q3 FY2021, down 4% y-o-y due to the low harvest of sunflower seeds in Ukraine this season.
According to the report, grain export volume from Ukraine in January-March 2021 dropped 15% y-o-y, to 1.8 million tonnes, of which 1.3 million tonnes had been originated from external suppliers and the remaining had been produced by company’s farming division. Slowdown in the grain export volume was caused mostly by a substantial grain harvest reduction this season in Ukraine (including company’s farming operations) and the respective decline of the exportable grain surplus for the country.
The company’s export terminal throughput volume in Ukraine increased to 2.1 million tonnes in Q3 FY2021, up 6% y-o-y. Transshipment volume exceeded the grain export volume from Ukraine, as the company substantially increased the scale of sunflower meal transshipment operations on its terminals in Chornomorsk, with such goods being exported through third-party terminals before.
The holding cut grain and oilseeds received in inland silos by 12% in Q3 FY2021, to 109,021 tonnes.
Kernel in 9M FY2021 increased sales of sunflower oil by 6% compared to the same period in the previous FY, to 1.09 million tonnes, sunflower processing increased by 2%, to 2.57 million tonnes.
In 9M FY2021, grain exports from Ukraine grew by 5%, to 6.35 million tonnes.
According to the document, Export terminal’s throughput of the holding in Ukraine for 9M FY2021 grew by a third, to 6.31 million tonnes. During this period, the agricultural holding reduced grain and oilseeds received in inland silos by 9%, to 3.7 million tonnes.
Kernel is a large producer and exporter of sunflower oil. The largest co-owner of Kernel through Namsen Ltd. is Andriy Verevsky with a 39.16% share. Cascade Investment Fund (Cayman Islands), the beneficiary of which is the ex-deputy of the Ukrainian parliament Vitaliy Khomutynnik, owns 6.59% of Kernel’s shares.
