Kernel, one of Ukraine’s largest agricultural holdings, exported 1.6 million tons of grain in the third quarter of fiscal year 2025 (FY, third quarter – January-March 2025), down 15% from a year earlier.
According to the quarterly report on the company’s website, the decline in exports was due to limited domestic supply caused by a poor harvest in 2024 and lower stocks.
“Nevertheless, Kernel maintained its strong market position, accounting for 12% of Ukraine’s total grain and oilseed exports in the first nine months, with total volumes reaching 4.4 million tons,” the report said.
According to the agricultural holding, the export terminal’s throughput capacity in the third quarter of fiscal year 2025 was 2.5 million tons, up 2% from the previous year, including 1.8 million tons of grain, 0.3 million tons of edible oil, and 0.4 million tons of vegetable meal.
Total throughput for the nine months of fiscal year 2025 increased by 65% compared to the previous year to 7.3 million tons, thanks to smooth export operations and a low base of comparison with fiscal year 2024, when exports were interrupted at the beginning of the season.
Grain receipts at elevators in the third quarter of fiscal year 2025 amounted to 91 thousand tons, reflecting typical seasonal dynamics. This brought the total receipts for the nine months of fiscal year 2025 to 2.7 million tons, down 2% from the previous year.
Of this volume, the agricultural holding’s own segment provided 1.5 million tons, with the remainder purchased from third parties.
The infrastructure and trade segment recorded EBITDA of $62 million for January-March 2025, representing a decrease of 46% year-on-year and 21% quarter-on-quarter. Of this total, the trading business provided $26 million, unchanged from the previous year, while Kernel’s grain and edible oil export value chain in Ukraine generated $36 million, down 59% year-on-year.
Before the war, Kernel was the world’s leading producer of sunflower oil (about 7% of global production) and its exporter (about 12%). It is one of the largest producers and sellers of bottled oil in Ukraine. In addition, it is engaged in the cultivation and sale of agricultural products.
In the first nine months of 2025, Kernel increased its net profit by 7% to $218 million, with revenue growing by 19% to $3.092 billion, and its EBITDA increased by 4% to $398 million.
Yuria-Farm, a pharmaceutical company that is one of the five largest drug manufacturers in Ukraine, increased its net profit by 31.6% in 2024 compared to 2023, to UAH 752.103 million.
According to the company’s report published on its website, the companies’ sales revenue in 2024 increased by 19% compared to 2023, to almost UAH 5.742 billion.
The pharmaceutical company Yuria-Farm LLC (Kyiv) is one of the top 10 domestic pharmaceutical manufacturers, founded in 1990. The company’s main production facility was established in 1998 in Cherkasy.
Kernel, one of Ukraine’s largest agricultural holdings, reported net income of $41 million in the third quarter of fiscal year 2025 (January-March 2025), compared with $101 million in the same period of fiscal year 2024.
According to the quarterly report published on the company’s website, Kernel’s consolidated revenue in the third quarter of FY 2025 reached $1.145 billion, up 14% compared to the same period last year, but remained at the previous quarter’s level.
“These results were achieved thanks to high sales prices, and the increase in grain exports offset the decline in revenues from the sale of bottled oil,” the company explained.
The group’s sales expenses increased by 27% compared to the same period last year, to $984 million, due to higher raw material costs and reflecting increased competition for raw materials and supply constraints.
Gross profit for the third quarter of fiscal year 2025 was $137 million, down 34% from the same period last year, reflecting lower margins in the oilseed processing and infrastructure and trading segments.
Kernel also notes that during the reporting period, the company’s EBITDA amounted to $110 million, which is 6% less than in the previous quarter and 31% less than in the previous year. At the same time, the oilseed processing segment generated EBITDA of $36 million, down 26% from the previous year, due to lower sales volumes and margin compression as a result of a relatively low sunflower seed harvest in Ukraine.
EBITDA for the Infrastructure and Trade segment fell by 46% compared to the same period last year, to $62 million, of which $26 million was generated by Avere’s trading activities, and the remaining $36 million was earned from the value chain of grain and edible oil exports in Ukraine, The main factors affecting the results were export terminals and grain trading operations.
It is noted that in the third quarter of fiscal year 2025, the Agriculture segment recorded EBITDA of $34 million, 2.1 times more than last year. This figure also includes non-cash losses of $24 million related to the revaluation of biological assets, compared to losses of $25 million last year.
According to the report, cash inflows from investing activities amounted to $25 million (in the third quarter of 2024, there was an outflow of $127 million), mainly reflecting $46 million in proceeds from the sale of financial assets previously used to manage excess liquidity, while $19 million was used to purchase fixed assets.
Kernel notes that during the reporting period, after the peak of working capital financing, it repaid a significant portion of its debt, including full repayment of its debt to the EBRD and pre-export financing for sunflower oil, as well as early repayment of part of its outstanding debt to the EIB.
As a result, during January-March 2025, the group’s debt obligations decreased by $190 million to $755 million. In addition, the company received an extended waiver from one of its long-term lenders, which is valid until June 30, 2026.
This allowed Kernel to reclassify them as non-current liabilities, which improved financial stability. As of March 31, 2025, the group’s cash balance was $549 million, down 11% from the previous quarter. This led to a 37% reduction in net debt on a quarterly basis to $206 million.
The company also notes that for the third quarter of 2025, commodity inventories decreased by 16% to $371 million as of March 31, 2025.
The report also indicates that for the first nine months of this fiscal year, Kernel increased its net profit by 7% to $218 million, with revenue growing by 19% to $3.092 billion, and EBITDA increasing by 4% to $398 million.
Before the war, Kernel was the world’s leading producer of sunflower oil (about 7% of global production) and its exporter (about 12%). It is one of the largest producers and sellers of bottled oil in Ukraine. In addition, it is engaged in the cultivation and sale of agricultural products.
State-owned Ukreximbank (Kyiv) increased its net profit in the first quarter of 2025 by 26%, or UAH 508.6 million, to UAH 2.4 billion compared to the first quarter of last year, becoming one of the three most profitable banks during this period.
According to the bank’s report on its website, its net interest income increased by 42.5%, or UAH 686.5 million, to UAH 2.3 billion, while net commission income increased by 4.4%, or UAH 12.6 million, to UAH 301.4 million.
The bank’s total assets for January-March 2025 increased by 0.3%, or UAH 945.5 million, to UAH 292 billion, while total liabilities decreased by 0.4%, or UAH 1 billion, to UAH 278.8 billion.
At the same time, the amount of customer funds in Ukreximbank increased by 1.3%, or UAH 3.26 billion, to UAH 247.3 billion, while bank funds decreased by 17%, or UAH 393 million, to UAH 1.92 billion.
In the first quarter of this year, Ukreximbank increased its equity capital by 17.6%, or UAH 1.9 billion, to UAH 13.3 billion.
“During the first three months of 2025, the bank exceeded the expected capital adequacy ratios set by the updated Capitalization Program and complied with the minimum prudential requirements in accordance with the NBU’s requirements,” the report said.
As reported, Ukreximbank ended 2024 with a record pre-tax profit of UAH 5.9 billion, which is 20.1% more than in 2023.
The state-owned enterprise Ukrainian Sea Ports Authority (USPA) increased its revenue by 55.56% to UAH 6.3 billion in 2024.
According to the annual report available to Interfax-Ukraine, the company’s net profit increased 3.4 times to UAH 2.77 billion.
According to the results of 2024, the cargo turnover of six seaports in Chornomorsk, Odesa, Pivdennyi, Reni, Izmail, and Ust-Dunaysk increased by 57.1% compared to the same period in 2023, reaching 97.3 million tons.
The USPA manages state-owned ports and a number of state-owned enterprises, pursuing the goal of ensuring the functioning and development of seaports through the efficient use of state property, the reconstruction and construction of port infrastructure facilities, and the provision of maritime navigation.
The company’s activities are financed by port fees collected in accordance with the law, fees for services subject to state regulation, rent, and other sources not prohibited by law.
PJSC Ukrnaftoburinnya, managed by PJSC Ukrnafta, received UAH 1.19 billion in net profit in 2024, of which UAH 1.074 billion was allocated to the state budget, according to a press release from Ukrnafta on Thursday.
“In August 2024, Ukrnaftoburinnya resumed work at the Sakhalin field in the Kharkiv region. The company’s net profit for 2024 is UAH 1.19 billion. Today, UAH 1.074 billion, or 90% of net profit, was paid to the state budget,” said Yuriy Tkachuk, acting director of Ukrnafta.
In turn, according to the head of the National Agency for Asset Tracing and Management (ARMA) Olena Duma, the Sakhalin field is an example of how effective management and a clear legal position can yield concrete results for the economy in wartime.
“We are showing that seized assets can work for the state today,” Duma is quoted as saying in a press release from Ukrnafta.
The company recalled that in July 2024, Ukrnafta transferred a tranche of UAH 747.7 million to the state budget of Ukraine, received from the management of Ukrnaftoburinnya.
In July 2023, the Cabinet of Ministers of Ukraine transferred the corporate rights of PJSC Ukrnaftoburinnya to PJSC Ukrnafta. In December 2023, the court suspended gas production at the Sakhalin field located in the Bohodukhiv district of the Kharkiv region. However, in August 2024, the company resumed its work and, according to Ukrnafta, has been working to increase production ever since.
Ukrnaftoburinnya is one of the largest private gas production companies in Ukraine. Since 2010, it has been developing the Sakhalin oil and gas condensate field with reserves of 15 billion cubic meters of gas.
