BayWa’s renewables unit boosts EBIT threefold in H1 2017

German diversified group BayWa AG (ETR:BYW6) booked higher EBIT and revenues for the first-half of 2017 thanks to its renewable energies unit, which bolstered its profits threefold to over EUR 41 million (USD 48.7m).

“Earnings were mainly driven by the Renewable Energies business sector in the first half of the year,” BayWa’s CEO Klaus Josef Lutz said in a press statement on Thursday. The company’s renewable energies division managed to increase its earnings before interest and tax (EBIT) in the reporting period by nearly EUR 26 million to over EUR 41 million.

The superior results were achieved as BayWa expanded its international business with photovoltaic (PV) equipment, which led to a 50% year-on-year increase in the total output of sold modules and inverters. Meanwhile, the company offloaded 66 MW of wind and 75 MW of solar assets that also attributed to its top-line.

Overall, BayWa booked EBIT of EUR 72.8 million for the first half of the year, up from EUR 55.3 million a year back, as revenues rose to EUR 8 billion from EUR 7.5 billion. The results are expected to improve further in the second half of the year, the group said.

(EUR 1.0 = USD 1.188)

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