Kernel Cuts EBITDA By 21.8% To USD 446 Million, Cuts Earnings By 41.2% To USD 1.9 Billion In H1, 2022/2023

In the first half of the 2022/2023 marketing year (July 2022 - June 2023), Kernel Holding, one of the largest operators in the oil market, reduced its Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) by 21.8%, or USD 124 million, to USD $446 million compared to the same period last year.

The company has said this in a statement, Ukrainian News Agency reports.

The company reduced earnings by 41.2%, or USD 1.327 billion, to USD 1.89 billion over the same period 2021/2022.

At the same time, the company reduced its net profit by 13.2%, or USD 56 million, to USD 368 million.

As Ukrainian News Agency earlier reported, the Antimonopoly Committee of Ukraine (AMCU) allowed the Namsen Limited company (Cyprus) of businessman Andrii Verevskyi to acquire more than 50% of the Kernel holding.

Now Verevskyi, through Namsen Limited, controls about 40% of Kernel.

In the 2021/2022 marketing year, the company suffered a loss of USD 41 million, compared to a net profit of USD 513 million in 2020/2021.

For the specified period, the company reduced revenue by 4.7% or USD 0.263 billion to USD 5.332 billion compared to 2020/2021 marketing year, and EBITDA - 3.7 times to USD 220 million.

The company's enterprises produce products under the names Shchedryi Dar, Stozhar, Chumak Zolota.

Kernel owns 9 oilseed processing factories in Ukraine.