By KYIV. Dec 21 (Interfax-Ukraine) – Kernel, one of the largest Ukrainian agro-industrial groups, will not pay dividends for FY2022 (July-2021-June-2022) due to a net loss of $41.1 million incurred by the holding for the specified period.
As stated in the company’s message on the Warsaw Stock Exchange on Tuesday night, the shareholders of the holding at a meeting on December 20, 2022 made the decision.
"Kernel Holding S.A. announces the holding of the annual general meeting of shareholders on December 20, 2022, at which it declared zero dividends for the financial year ended June 30, 2022," the group said a report on the stock exchange.
Before the war, Kernel ranked first in the world in the production of sunflower oil (about 7% of world production) and its export (about 12%), and was also the largest producer and seller of bottled sunflower oil in Ukraine. In addition, the company was engaged in the cultivation of other agricultural products and their sale.
The largest co-owner of Kernel through Namsen Ltd. is Ukrainian businessman Andriy Verevsky with a share of 39.3%.
In FY2022, the holding received a net loss of $41 million versus $506 million of net profit in the previous FY, its revenue dropped by 5% to $5.332 billion, and EBITDA fell by 73%, to $220 million.
