Agri-holding Kernal boosts net profits 25% in Oct-Dec 2011
KYIV. Feb 15 (Interfax) - The Ukrainian agricultural industry holding Kernel, one of the biggest in the country, increased net profits 25.3% year-on-year to $65.2 million in the second quarter of the 2011-2012 financial year (October-December 2011).
The holding reported that its sales revenues were up 4.8% at $594.4 million for the period, operating profits 31.6% at $86.2 million, and EBITDA (earnings before interest, taxes, depreciation, and amortization) 40% at $104 million. Gross profits were up almost 27% at $143.9 million, pretax profits 21.4% at $77.3 million.
Kernel has confirmed its forecast for the 2011-2012 financial year (which ends June 30, 2012) of sales revenue of $2.3 billion, EBITDA of $370 million, and net profit of $255 million.
Kernel Group is a vertically integrated company in existence since 1994. It produces sugar and sunflower oil, distributes bottled oil in Ukraine, exports oil and grains, and provides grain and oil storage services. Its production wing includes around 70 agricultural enterprises and it has 210,000 hectares of farmland.
Kernel saw consolidated net profits jump 49% year-on-year to $226.047 million and sales revenue 86.1% to $1.899 billion in the 2010-2011 financial year.