Kernel has earned $12 million in cash for two plants in Russia / Photo from UNIAN
Ukraine's largest vegetable oil producer, Kernel, announces it has sold two Russian-based oilseed crushing plants for RUB 800 million ($12 million).
"Kernel reports it has divested two oilseed crushing plants located in southern Russia for RUB 800 million paid in cash by the buyer," the company said in an official statement.
The plants have a total crushing capacity of 200,000 tonnes of sunflower seed per year.
Read alsoHarvEast sells Crimean assets due to risks, Russian occupationAs UNIAN reported, Kernel posted $106.9 million in net profit in the financial year 2015 against $98.3 million in net loss in the financial year 2014.
In the first half of the financial year 2016, Kernel was in the black with a net profit of $141.8 million, which is 2.13 times up on year-over-year.
UNIAN's memo. Kernel is a vertically integrated company which has been operating in the Ukrainian agribusiness sector since 1994. It is controlled by Ukrainian businessman Andriy Verevsky. It is the largest Ukrainian producer and exporter of sunflower oil. It also exports grain and produces farm produce.
It owns a chain of grain storage facilities with a total capacity of 2.8 million tonnes and a grain terminal whose capacity is 4 million tonnes. Prior to the deal, its oilseed crushing capacity was estimated at 3 million tonnes.