BayWa AG announced significant improvements at renewable business unit
Post date: 08/11/2019 - 09:55
German trading and services group BayWa AG posted revenue for the first nine months 2019 of €12.5 billion ($13.8 billion) compared to Q1-3/2018 with €12.2 billion. EBIT amounted to €77.3 million ($85.6 million) compared with €28.3 million in the same time of the previous year. Loss was €1.5 million ($1.65 million) compared to loss of €19 million in the first nine month 2018.
All three core segments - Agriculture, Energy and Construction - improved their results compared with the same period last year. The Energy segment recorded a particularly positive development (plus 15 percent). Classical energy (up 8.6 percent to €1.9 billion) benefited from the international oil price trend and the domestic increase in demand for wood pellets. The Renewable Energies Business Area recorded an increase in sales of more than 30 percent to €1.1 billion ($1.2 billion). It further expanded its international activities in the project business with solar and wind energy plants as well as in the solar module trade and, unlike in the previous year, already sold some larger plants in the third quarter. The majority of sales are planned for the fourth quarter, with more than 650 MW. »The Renewable Energies business unit will again play a major role in our consolidated earnings in 2019,« says BayWa CEO Klaus Josef Lutz.