KYIV. Feb 26 (Interfax-Ukraine) – Kernel, one of the largest Ukrainian agrarian groups, saw a rise of 2.7 times in net profit in Q2 of FY2016 started in July 2015, to $117.75 million, the company said in a report on Friday.
The company said that its revenue over the period fell by 5%, to $620.97 million, gross profit dropped by 3.2%, to $166.3 million and operating profit rose by 5%, to $129.9 million, reflecting year-over-year lower grain prices and mixed dynamics in sales volumes across segments
Kernel’s earnings before interest, tax, depreciation and amortization (EBITDA) reached $145.1 million, which is 2% up year-over-year.
Revenue from sunflower oil sold in bulk rose by 11%, to $316 million, from bottled sunflower oil fell by 12%, to $34 million, grain – by 17%, to $258.5 million, it grew by 12% from export terminal services, to $12.4 million and fell by 9% from silo services, to $22.7 million.
Net debt decreased to $465.8 million as of December 31 2015 versus $735.2 million as of December 31, 2014, as the company utilized its strong operating cash flow to improve its balance sheet.
In H1 FY2016 Kernel saw a rise of 2.1 times in net profit, to $141.8 million, revenue fell by 19%, to $998.69 million, gross profit – by 15%, to $239.79 million and operating profit – by 8%, to $169.454 million.
EBITDA in H1 FY2016 totaled $200.2 million, which is 10% down year-over-year.
Kernel is a vertically integrated company which has been operating in the Ukrainian agribusiness sector since 1994. The group produces sugar and sunflower oil, distributes bottled oil under the brand names Schedry Dar, Stozhar and Chumak Zolota, exports oil and grain, and provides elevator storage services for grain and oilseeds.
