BayWa: International trade with photovoltaic modules flourishes
Post date: 13/11/2020 - 09:50
German BayWa AG reports earnings before interest and taxes (EBIT) of €102.7 million ($121 million) for the first nine months of this year, a significant increase on the previous year's figure of €77.3 million. At €12.2 billion ($14,4 billion), revenues were slightly below the level of the previous year's period (€12.5 billion). Net profit in the first three quarters amounted to €18.3 million ($21,5 million). This is €19.8 million higher than the net profit for the same period in 2019.
The Renewable Energies business unit also made a good contribution to this: In the third quarter, »international agricultural trading and the project business with solar and wind energy systems developed into profit drivers«, says Klaus Josef Lutz, Chairman of the Board of Management of BayWa AG: »In view of climate change, the megatrend of driving forward the expansion of renewable energies worldwide is unbroken - the corona pandemic will not change this either.«
Numerous planned project sales in Europe and the USA - including a wind farm in California - as well as the flourishing international trade in photovoltaic modules will contribute to the development of earnings until the end of the year.
At the end of the third quarter, the Energy segment posted a drop in sales of eleven percent to €2.7 billion (previous year: €3.0 billion), which is mainly due to the »Classic Energy« business field, which slumped by 30.6 percent. According to the company, »various project sales in Europe and Asia and a strong trading business with photovoltaic components« contributed to the positive result in the business field of renewable energies. Sales here were 23 percent higher than in the same period last year at €1.3 billion.
EBIT in the energy sector rose by a total of 89 percent, with regenerative energies making a major contribution here too: While Classical Energies recorded an increase of 20.9 percent to €26 million, EBIT in the Renewables Division multiplied from €3.9 million in the previous year to €22 million in the period under review.