BayWa's renewables business reports glowing H1 2021 figures

German group BayWa AG (ETR:BYW6) closed the first half-year period of 2021 with a 61.7% year-on-year increase in revenues and reported considerable earnings before interest and tax (EBIT) in the renewable energy sub-segment, its first semester results show.

The renewables business, which is run by the group's subsidiary BayWa r.e. AG, accumulated revenues of EUR 1.35 billion (USD 1.6bn) during the first six months of the year, compared to EUR 835.8 million in the same period a year back.

EBIT, which was a EUR-1.3-million loss a year ago, now arrived at EUR 50.8 million in the black.

Sales of projects totalling some 140 MW and successful trade with photovoltaic (PV) components contributed to the EBIT spike of the energy segment as a whole. These were more than enough to offset the expected fall in earnings of the group's conventional energy business unit, BayWa r.e. said.

The conventional energy sub-segment recorded a 2.5% decline in revenues and a 63.9% drop in EBIT, according to the financial results.

BayWa r.e. has plans to sell solar farms and wind turbines with a combined capacity of 1,100 MW in 2021. The majority of these sales are due to take place in the second half of the year, BayWa r.e. added.

At group level, BayWa AG grew revenues by 13.3% year-on-year to EUR 9.28 billion, while EBIT jumped to EUR 144.6 million so far this year, compared to EUR 53.8 million in the first half of 2020.

(EUR 1.0 = USD 1.182)

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