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Automatically translated version. May contain inaccuracies compared to the original.
The Kernel board of directors recommended not paying dividends for the 2026 financial year, although the agribusiness’s net profit rose by 35% – to $322 million. The company plans to retain funds to repair facilities damaged by Russian attacks, cover higher export logistics costs, and make new investments.
This was reported by Dilo on
the basis of "Interfax-Ukraine."
Kernel founder and chairman of the board Andriy Verevskyi
noted that Russian attacks on port infrastructure and commercial vessels after
July sharply worsened export conditions. The number of vessel calls to deepwater
ports fell by roughly tenfold.
Alternative routes via the Danube and by rail cannot
fully replace sea exports due to limited capacity and significantly
higher transportation costs.
"We have no illusions about alternative logistics: other
routes cannot replace deepwater ports in scale and cost. Therefore,
our task now is to preserve liquidity and continue strategic
diversification of the business," Verevskyi said.
The company’s financial burden has also increased due to
investments in renewable energy and the acquisition of Enselco Holding Limited with
approximately 190 thousand hectares of leased agricultural land.
Over the year, Kernel’s net debt rose from $143 million to $736
million, and its cash reserves fell by 42% – to $357 million. At the same time, EBITDA
increased by 20% – to $558 million, and the net debt to EBITDA ratio
rose from 0,9 to 1,3.
Despite logistics risks, in the 2026 financial year the agribusiness
increased grain exports by 15% – to 6,3 million tons. That amounted to about 15%
of Ukraine’s total grain exports. Throughput at terminals reached a record
9,6 million tons.
At the same time, oilseed processing fell by 8% – to
3,2 million tons due to the lowest sunflower harvest in a decade. Sales of edible
oil nevertheless rose by 3% – to 1,45 million tons thanks to using accumulated
stocks.
Kernel expects that problems with export logistics
will remain one of the main constraints for Ukraine’s agricultural sector in the 2027
financial year. The duration of disruptions will determine export volumes,
the loading of port assets, logistics costs, and the company’s need for
working capital.
Recall that earlier reports said that in July a Russian
attack halted Kernel’s export terminal in Chornomorsk. At that time, there was destruction of
45 thousand tons of wheat and 9 thousand tons of sunflower oil.
Document: PDF proof of the original version of the news item "Kernel може залишити акціонерів без дивідендів через атаки РФ". It records the publication content at the moment of the first scan, the preservation date and the source: Delo.ua.
