Kernel Holding S.A. (Luxembourg), the holding company of one of the largest Ukrainian agricultural holdings, has refused to pay dividends for the 2024 fiscal year (FY, July 2023-June 2024) and will direct the received unconsolidated profit of $53.05 mln to reserves. As stated in the company’s announcement on the Warsaw Stock Exchange, such a decision was made by the shareholders’ meeting on December 10, at which the owner of 94.37% of the company’s shares Namsen Limited of the head of the board of directors and majority shareholder Andrew Werewski had 99.63% of the votes.
It is specified that 276 million 915.05 thousand votes were cast in favor of the decision, while against – 1 million 025.92 thousand. The meeting also approved the consolidated financial report of Kernel with a net profit of $167.95 million, which is 44% worse than 2023FY. The shareholders also confirmed PwC Société cooperative as independent auditor for the new fiscal year.
As reported, the agroholding’s revenue for the past FY grew by 4% to $3.581 bln, while EBITDA declined by 30% to $381 mln.
Kernel Agroholding is the world’s largest exporter of sunflower oil and one of the largest producers and sellers of bottled oil in Ukraine. In addition, it is engaged in the cultivation of agricultural products and their realization. Kernel’s net profit for 2023FY amounted to $299 mln, while the previous year the company finished with a net loss of $41 mln. The company’s revenue for 2023FY decreased by 35% to $3.455 bln, but EBITDA increased 2.5 times to $544 mln. Currently, Kernel’s shares are listed on the Warsaw Stock Exchange at the rate of 12.82 PLN (about $3.15) per unit.
