Earnings from BayWa’s renewable energy business jumped 163% to €41.3m in the first half of 2017, up from €15.7m in the same period last year.
Revenue also soared by more than 82% to €576m in the first six months of the year, compared with €316m in the first half of last year.
BayWa said it had increased its ouput of sold solar modules and inverters by 50% each year-on-year.
It also sold wind farms totalling almost 66MW and two solar plants in the UK totalling 75MW to help boost the first half results.
“BayWa considers itself to be well-positioned in this segment to match the very high previous year’s level in the financial year 2017,” the company said.
Overall, earnings at BayWa were up almost 32% from January to the end of June at €72.8m from €55.3m last year.
Revenue grew by 7.9% to just over €8bn, compared with just under €7.5bn in the first six months of 2016.
BayWa chief executive Klaus Josef Lutz said: “Earnings were mainly driven by the renewable energies business sector in the first half of the year.
“The agricultural equipment and building materials business units also turned in a very pleasing performance.”
Image: BayWa
