Kernel, one of the largest Ukrainian agricultural groups, in the third quarter of the fiscal year 2019 (FY, July 2019-June 2020) posted $22.2 million in net loss against $15.9 million in net profit for the same period last year. According to the financial report on the company’s website, its revenue in January-March increased by 30.4%, to $1.5 billion amid high sales of vegetable oils in natural terms, purchased from external suppliers during the reporting period, EBITDA by 1.9 times, to $104 million.
In general, for the nine months of 2020FY, Kernel’s net profit decreased by 2.2 times, to $82.56 million compared to the same period in 2019FY, revenue by 4.9%, to $2.91 billion, while EBITDA grew by 12% and amounted to $320 million.
Revenues in the oilseeds processing segment for the third quarter of 2020FY increased by 3%, to $375 million, revenue in infrastructure and trading segment increased by 42%, to $892 million.
Revenues in the oilseeds processing segment over the specified period decreased by 6%, to $1.04 billion, while revenue in infrastructure and trading segment rose by 3%, to $2.45 billion.
In the revenue structure, Kernel intragroup settlements for the third quarter of 2020FY grew by 13%, to $392 million, for nine months of 2020FY by 20%, to $1.07 billion.
The ratio of net debt to EBITDA as of March 31, 2020 amounted to 3.5 against 2.5 on the same date in 2019. Net debt stood at $1.33 billion, which is 1.7 times more than on the same date last year.
The company notes that on April 30, 2020 it paid dividends of $21 million ($0.25 per share), approved by the shareholders at a general meeting on December 10, 2019.
