Kernel net profit in FY2018 reduced by 70%

In FY 2018 (July 2017–June 2018), Kernel reduced the net profit attributable to equity holders of the company by 71.4% to USD 52.1 million.

The revenue grew by 10.8% to USD 2.4 billion, whereas EBITDA decreased by 30% to USD 222.5 million.

The net margin reduced from 8.1% to 2.2%. Earnings per share (EPS) in FY2018 dropped 71% to USD 0.64.

"We earned USD 223 million of EBITDA and net profit of USD 52 million attributable to shareholders of Kernel Holding S.A. While our bottom line suffered from a USD 42 million blow related to a number of one-off events including the legal reserve associated with an arbitration case, our financial position remains robust with a net debt to EBITDA ratio staying at a 2.8x level," commented Andriy Verevskyy Chairman of the Board of Directors, Founder.

Previously it was reported that Kernel had planned to achieve a 50-100% increase in all its business segments.