Brief: Kernel Holding Q1 Net Profit Down At $161.5 Mln

Kernel Holding SA

12/12/2022 06:49

Dec 12 (Reuters) - Kernel holding sa  KER.WA :
    * REPORTED ON FRIDAY ITS FINANCIAL RESULTS FOR THE FIRST
QUARTER
OF 2022/2023
    * Q1 NET PROFIT AT $161.5 MLN VS $210.8 MLN YEAR AGO
    * Q1 REVENUE AT $654.6 MLN VS $1.34 BLN YEAR AGO
    * Q1 EBITDA AT $168 MLN VS $281 MLN YEAR AGO
    * WITH THE PARTIAL RE-OPENING OF THE UKRAINIAN BLACK SEA
PORTS
UNDER BLACK SEA GRAIN INITIATIVE (GRAIN DEAL), THE GROUP MANAGED
TO FRACTIONALLY RECOVER ITS EXPORT ACTIVITIES
    * THE GROUP'S GRAIN EXPORT FROM UKRAINE IN FIRST QUARTER
DECLINED
BY 67% YEAR-ON-YEAR
    * CONSIDERING FUTURE EXPORTS OF GRAINS, THE GROUP IS HEAVILY
RELIED ON THE EXISTENCE OF "GRAIN CORRIDOR"
    * THE GROUP HAS REVISED CORN YIELD ESTIMATES FROM 8.7 TONS
PER
HECTARE ENVISAGED IN NOVEMBER 2022 TO 7.9 TONS PER HECTARE
EXPECTED AS OF THE DATE OF THIS REPORT PUBLICATION
    * DUE TO THE REGULAR BLACKOUTS COMMENCED IN OCTOBER 2022,
THE
GROUP HAD TO TEMPORARILY SUSPEND CRUSHING OPERATIONS ON TWO OF
ITS PLANTS IN NOVEMBER-DECEMBER 2022
    * THE REMAINING FOUR CRUSHING FACILITIES ARE FULLY EQUIPPED
WITH
THE CO-GENERATION HEAT AND POWER UNITS, IT ALLOWS THEM TO
FUNCTION INDEPENDENTLY
    * THE GROUP'S MANAGEMENT IS CURRENTLY EXPLORING OPTIONS IN
ALTERNATIVE SOURCES OF ENERGY TO PARTIALLY SECURE ELECTRICITY
SUPPLY FOR THE OILSEED PROCESSING OPERATIONS

        
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