Kernel profited USD 190 mln in Q2 FY2022, 49% up YoY

Kernel Holding S.A. generated USD 190 mln of net profit in Q2(October-December 2021) FY2022(July 2021-June 2022), 48% up YoY (Q2 FY2021: USD 128 mln).

Analysts expected the company to deliver revenues of around USD 173-174 mln.

"Consolidated revenue of Kernel Holding group of companies in Q2 FY2022 increased by 42% y-o-y, to USD 1,882 mln, primarily driven by growing grain export sales from Ukraine, attributable to both higher exported volumes and higher prices," the company's report reads.

Kernel's EBITDA in the same period added 9% YoY, reaching USD 293 mln, with growth being driven by Farming and Oilseed Processing segments. In Q2 FY2021, EBITDA reached USD 269 mln.

For H1 FY 2022, Kernel generated USD 3,225 mln in revenues, up 42% YoY. EBITDA also increased to USD 608 mln, 9% up YoY. Net profit amounted to USD 401 mln, up 21% YoY.

The company exported 3.5 mln t of grain from Ukraine in Q2 FY2022, up 45% YoY, setting a new quarterly record. Grain originated from external suppliers constituted 59% of export volume, and the remaining was produced by Group’s Farming segment.

"Notwithstanding the good fundamentals, russian invasion of Ukraine initiated on 24 February 2022 disrupted the usual way of doing business in Ukraine and created significant uncertainties about the current season outlook," the company marks.

The Group created a special anti-crisis headquarter coordinating on the daily basis to resolve all arising issues.

Previously reported that Kernel will not conduct spring crops planting in 15% of its cropland.

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