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Kernel has no plan to pay dividends for FY2022
KYIV. Nov 18 (Interfax-Ukraine) – Kernel, one of the largest Ukrainian agrarian groups, does not plan to pay dividends for the fiscal year 2022 (FY, July 2021-June 2022) due to a net loss of $41.1 million incurred by the holding for the specified period.
According to the company’s announcement on the Warsaw Stock Exchange, the board of directors of the holding proposes its shareholders to approve the relevant decision at a meeting on December 20, 2022.
"The board of directors proposes to make the following decision: the shareholders at a general meeting approve the proposal of the board of directors to transfer the net profit of the parent company in the amount of $10.38 million and, after deduction to the company’s required reserve, to declare zero dividends for the financial year ending June 30, 2022," the statement says.
In addition, at the meeting it is proposed to approve the remuneration of non-executive directors of Kernel for FY2022 in the amount of $246,960, and executive directors – in the total amount of $240,000.
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.
