“Kernel” lost $41 million due to the war

Due to the war in Ukraine, the Kernel agricultural holding suffered a net loss of $41 million.

The company’s net loss for fiscal 2022 is currently $41 million, compared with a profit of $513 million a year earlier. During this period, the revenue of the agricultural holding decreased by 5% — to $5.33 billion.

This is stated in the company’s report for the first quarter of the 2023 fiscal year (July-September).

The EBITDA indicator of the group amounted to $220 million, against $806 million a year earlier. EBITDA profitability decreased from 14.4% last year to 4.1%.

Also, the EBITDA indicator in the infrastructure and trade segment decreased from $359 million to $237 million, in the agriculture segment – from $461 million to $219 million.

Kernel reported that 2023 is likely to be the most difficult year in the company’s history.

According to the report, in July-September, the export of grain by the agricultural holding amounted to 710,000 tons (8% of the total export of grain from Ukraine), which is 68% lower than in the same period last year.

Sales of sunflower oil decreased by 14% to 189,000 tons.