In FY2019 Kernel exports 6 mln tons of grain from Ukraine
The Kernel company is set to export 6.2 million tons of grain from Ukraine in FY2019.
"For the full FY2019, we expect to export 6.2 million tons of grain from Ukraine (revising upward from 5.4 million tons initial guidance) utilizing our own infrastructure at the highest level possible and also using third-party facilities," the company informs.
In Q1 FY2019, Kernel exported 1.4 million tons of grain from Ukraine, up 86% y-o-y, comprised mostly from wheat and barley harvested in summer 2018 and leftover stocks of corn from a previous year crop. Strong export volumes also positively impacted the utilization of the company's infrastructure network increasing silo network in-take volumes by 12% y-o-y and export terminal throughput volumes in Ukraine by 17% y-o-y.
In January 2019, Kernel expects the first stage of the new grain transshipment terminal in Chornomorsk to become operational, contributing up to 1.0 million tons of incremental throughput capacity. The final commissioning is scheduled for autumn 2019, adding another 3 million tons of throughput capacity, allowing the company to achieve 8 million tons of total annual grain transshipment capacity on our facilities in Chernomorsk port.
In Q1 FY2019, Kernel increased its net profit 3.3x to USD 75.5 million.