Ukraine’s largest sunflower oil exporter earned $299M in net profit this year.

According to results from the 2023 fiscal year (July 2022 – June 2023), Agroholding Kernel earned a net profit of $299M, according to the company’s financial report. At the same time, the holding also recognized losses of $241M due to the devaluation of the Ukrainian hryvnia against the US dollar (exchange rate difference). Thus, Kernel Holding S.A. closed the year with a total aggregate income of $59M.

The holding’s revenue decreased by 35% in 2023, amounting to $3.455B. As of June 30, 2023, net debt decreased by 60% compared to the same period last year and amounted to $595M.

The company believes this favorable result was obtained due to several factors, such as the grain agreement and high world prices. However, the company does not plan to pay dividends to shareholders.