Brief: Kernel Holding Q3 Net Result Turns To Profit Of $69 Mln

Kernel Holding SA

16/06/2023 06:44

June 16 (Reuters) - Kernel Holding SA  KER.WA :
    * THE COMPANY PUBLISHED ON THURSDAY ITS Q3 FINANCIAL RESULTS
    * Q3 NET PROFIT CAME AT $69 MILLION VERSUS LOSS OF $103
MILLION A
YEAR AGO
    * Q3 REVENUE AT $825 MILLION VERSUS $1.70 BILLION A YEAR AGO
    * Q3 EBITDA $155 MILLION VERSUS LOSS OF $32 MILLION A YEAR
AGO
    * THE GROUP RECOGNISED $20 MILLION LOSS ON IMPAIRMENT OF
ASSETS IN
THE PERIOD
    * THE GROUP'S DEBT LIABILITIES AS OF 31 MARCH REMAINED
VIRTUALLY
UNCHANGED COMPARED TO THE PREVIOUS QUARTER, STANDING AT $1.7
BILLION
    * THE NET DEBT REDUCED BY OVER 20% OVER Q3 TO $833 MILLION
AS OF
31 MARCH
    * AS OF 31 MARCH, THE GROUP HAS STARTED THE NEGOTIATIONS
WITH ALL
THE BANKS ON THE PRINCIPAL REPAYMENTS’ POSTPONEMENT FOR ANOTHER
PERIOD OF 12 MONTHS DUE TO CHALLENGING OPERATING ENVIRONMENT IN
UKRAINE CAUSED BY THE WAR WITH RUSSIA
    * THE GROUP EXPECTS TO FINALIZE THESE NEGOTIATIONS BY 30
JUNE
    * CONTINUED DIFFICULTIES WITH THE BLACK SEA GRAIN LOGISTICS
STIPULATED DECLINE OF GRAIN EXPORT VOLUME FROM UKRAINE IN Q3 BY
61% YOY, TO 0.8 MILLION TONNES
    * EXPORT TERMINALS THROUGHPUT VOLUME IN UKRAINE IN Q3
PRACTICALLY
HALVED YOY, AMOUNTING TO 1.1 MILLION TONNES OF GRAIN, SUNFLOWER
OIL AND MEAL
    * IN MAY, KERNEL LAUNCHED THE CONSTRUCTION OF A BRAND-NEW
GRAIN
AND SUNFLOWER OIL TRANSSHIPMENT TERMINAL IN THE RENI PORT OF
UKRAINE, AT THE DANUBE RIVER
    * SAID INVESTMENT IS EXPECTED TO AMOUNT TO US$ 14 MILLION
    * THE GROUP DECIDED TO RESUME THE CONSTRUCTION OF THE
LARGEST IN
UKRAINE OILSEED PROCESSING PLANT IN STAROKOSTIANTYNIV, WESTERN
UKRAINE
    * THE FACILITY WILL HAVE THE CAPACITY TO PROCESS 1 MILLION
TONNES
OF SUNFLOWER SEEDS PER YEAR
    * TOTAL INVESTMENTS ARE ESTIMATED AT $278 MILLION, OF WHICH
$230
MILLION WERE ALREADY DEPLETED AND THE REMAINING IS TO BE
INVESTED IN FY2024, WITH TARGETED COMMISSIONING DATE OF SPRING
2024

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM72fQJka
 Further company coverage:  KER.WA  

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