Kernel, one of the largest Ukrainian agro-industrial groups, will not pay dividends for FY2022 (FY, July-2021-June-2022) due to the net loss of $41.1 mln incurred by the holding for the period.
According to the company’s announcement on the Warsaw Stock Exchange Tuesday night, the decision was made by the holding company’s shareholders at a meeting on Dec. 2022.
“Kernel Holding S.A. announces its annual general meeting of shareholders on Dec. 20, 2022, at which it declared a zero dividend for the fiscal year ended June 30, 2022,” the group said in a stock exchange statement.
“Kernel was the world’s number one producer of sunflower oil before the war (about 7% of world production) and its exports (about 12%), and was the largest producer and seller of bottled sunflower oil in Ukraine. In addition, the company was engaged in cultivation of other agricultural products and their realization.
The largest co-owner of Kernel, through Namsen Ltd. is Ukrainian businessman Andrei Verevskyi, with a 39.3% stake.
In FY2022 (July-2021 – June-2022), the holding posted net loss of $41 mln against $506 mln net profit in the previous FY. Its revenue decreased by 5% – to $5.332 bln, while EBITDA decreased 3.7 times – to $220 mln.
