Kernel net profit rushed 3.3x in H1 FY2021

Kernel net profit in H1 FY2021 managed a 3.3x increase to USD 332 mln (H1 FY2020: 100 mln).

The company's revenue improved by 20% YoY, to USD 2.27 bln, EBITDA surged by 2.6x, to USD 559 mln.

Net margin for the period added 5.3% and reached 14.6%. Earnings per share (EPS) went up by 3.2x to USD 3.95.

Segments revenue for the six months ended 31 December 2020:

  • Oilseed Processing: 18% up to USD 780 mln
  • Infrastructure and Trading: 22% up to USD 1.92 bln
  • Farming: 6% down to USD 303 mln

Infrastructure and Trading segment's EBITDA grew by 2.8x, to USD 272 mln, Farming by 3.5x, to USD 267 mln, whereas Oilseed Processing segment demonstrated an 11% decrease, to USD 55 mln.

Net-debt-to-EBITDA ratio as of 31 December 2020 (measured on 12 months trailing basis) hovered at 1.6x, as compared to 5.0x a year ago, the company's report reads.

Kernel financial performance in FY2020 and FY2020 compared

Consolidated revenue of Kernel in October-December 2020 increased 29% y-o-y, to US$ 1.33 bln, driven by Avere trading activities, and growing prices and volumes of grain and sunflower oil exported from Ukraine. Group’s EBITDA in Q2 FY2021 soared 2.5x y-o-y to USD 269 mln (or USD 238 mln if excluding IFRS 16 impact). Net profit attributable to shareholders in Q2 FY2021 increased 3.1x y-o-y, to USD 128 mln (or USD 140 mln if excluding IFRS 16 impact).

Previously reported that Kernel reached an agreement with a syndicate of European banks to extend a pre-export credit facility.

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