BayWa’s earnings before interest and tax from renewable energy jumped 77.5% in the first three months of 2017 to €21.3m, compared with €12.0m in the period last year.
Revenue from clean power also soared to €251.8m, up 57% on the €160.4m posted in the first quarter of 2016.
BayWa said the results were boosted by the sale of three solar parks in the UK totalling 10MW and two biomethane plants in Dessau (3.5MW) and Pessin (3.1MW) during the quarter.
The company’s overall revenue increased almost 10% to just over €3.8bn from almost €3.5bn in the same period last year, while earnings were up €20.4m to €8.0m.
BayWa chief executive Klaus Josef Lutz said the company benefited from its strong renewables business.
He said: “If the markets play their part, we expect positive business development for 2017.”
Image: BayWa
Renewables drive BayWa earnings
EBIT from clean power business up 77.5% in first quarter of year
By EBS