Renewables drive Siemens surge

Siemens profit from wind power and renewables surged to €464m in the 2016 financial year, up from €160m in 2015.

The German giant said the increase was driven by “higher revenue, improved productivity in production and installation, increased capacity utilisation and a larger contribution from the service business”.  

Orders were also up, standing at €7.97bn in 2016, compared with €6.12bn last year.

Order growth was strong in the first nine months – including a €1.2bn contract for an offshore wind farm in Germany and several onshore deals – but lower in the fourth quarter, Siemens said.

Revenue rose slightly to €5.98bn from €5.77bn in 2015, boosted by its new offshore wind unit but tempered by “negative effects from currency translation”, Siemens said.

Image: Siemens