Time to take a look at the operating report from Kernel and I must say that I thought that their business would have been slowing down more and more for each quarter but they have still managed to keep things up by the look of it!
For the report in full please go here and to see my previous summary then click on Kernel report Q2 2015 and please click on analysis of Kernel 2014 to find out more about them.
Below is the volumes that were traded during the third quarter and we also see the running full year. The changes in Q3 2015 to Q3 2014 are not very large at all so volume wise the quarter was bad. The margins of the bottled sunflower oil is very high which means that 5% plus there means a lot in terms of revenue but I would still claim that Kernel has slowed down a little and I assume that in terms of revenue that will not be the case due to the strong dollar and agricultural products being sold on the world market in USD. For the full year things are still looking very good with nice volume increases.
Conclusion: The nine months look good but the Q3 was not very impressive. I hope that the final quarter will become a good one not only in revenue but also in increasing volumes. They recently reported that they had finished sowing their 302 thousand hectares and that this time they could focus on sowing since the fields had been prepared and fertilized correctly last autumn... I guess we just read the reason for why the head of the agriculture got fired last year.
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