Kernel increased revenue by US$ 180 million in FY 2017

In FY 2017, Kernel increased revenue by US$ 180.4 million (9.1%) to US$ 2.17 billion.

According to the company's report, net profit for FY 2017 amounts to US$ 176.2 million, which is 21.7% less than in the same period last year. EBITDA decreased by 7.8% to US$ 319.2 million.

"We produced and handled record volumes across each business line which translated into US$ 319 million EBITDA and US$ 179 million net profit with a net debt to EBITDA ratio staying at a comfortable 1.6x level following the recent investments into the expansion of the farming business," Andrey Verevskiy, Chairman of the board of directors, founder of the company, comments.

According to him, based on the Strategy 2021, Kernel plans to increase its EBITDA to US$ 500 million in FY 2021 through balanced development of all our divisions redeploying the free cash generated by the existing platform.

It was earlier reported, that a syndicate of European banks opened a US$ 200 million pre-export credit line for Kernel to finance its working capital needs in sunflower oil production in Ukraine.