Kernel’s revenue climbs 91% y-o-y to USD 515 mln in 3Q11

Kernel (WSE: KER PW) reported its financials for its 3Q11 period ending March 31: revenue grew by 91% y-o-y to USD 515 mln, EBITDA by 79.5% y-o-y to USD 90.1 mln (margin of 17.5% vs. 18.6%), and net income by 95% y-o-y to USD 77.9 mln. Yegor Samusenko: The key driver behind the company`s almost triple digit growth is expansion of oil crushing facilities, which enabled the company to increase bulk oil sales by 2.6x y-o-y to 224 ths mt, which combined with 57.9% product price growth led to the segment’s 4x sales increase to USD 354 mln (69% of the total vs. 33% in 1Q10). In grain trading, the company’s second largest segment, volumes were down 2x y-o-y, though among the highest in the sector as Kernel acquired a substantial portion of grain export quotas: accounting for crop price growth, segment revenue declined by only 14% y-o-y.