BayWa AG reported earnings before interest and tax (EBIT) of €85m from its renewables division during the first half of the year, rising from €50.8m in the same period of 2021.
Revenues from the business segment climbed to €2.7bn in the six-month period, compared to €1.4bn a year ago.
The sale of wind and solar projects with a total output of 350MW contributed to the results, while sales of PV modules climbed by 77%, with business involving inverters gaining 52%, the company said.
A company statement said it has benefitted from “international efforts to achieve greater independence from fossil energy, which are gaining further momentum due to the energy crisis”.
“As a result, the very good development of business in the renewable energies segment will continue in the remaining months of the financial year,” it added.
Group-wide, BayWa AG’s first half revenues totalled €12.9bn, while EBIT stood at €328.5m, up from €144.6m in the same period last year.
BayWA AG chief executive Klaus Josef Lutz (pictured) said: “In a highly volatile market environment characterised by scarce resources and disruptions to supply chains, we reliably lived up to the trust of our customers in BayWa’s ability to deliver.
“Thanks to the strong first half of the year, we are entering the second half with tremendous momentum.
“We have therefore raised our guidance for the year and expect to see full-year EBIT of €400-450m in 2022.”