German group Baywa has released its financial results for the nine months ended 30 September, with revenues up slightly to €12.5bn from €12.2bn in 2018, and EBIT increasing significantly to €77.3m from €28.3m.
According to Baywa, all three of its core segments – agriculture, energy and building materials – saw improved year-on-year earnings through the nine-month period.
In the agriculture segment, the global produce and agricultural equipment business units in particular saw an increase in earnings.
Global produce saw a notable increase thanks to business within Germany, as the company was able to market the remaining volume of the previous year’s record harvest at good prices and because the new marketing season started with brisk demand.
"Although this year’s harvest was rather average in terms of volume, it was of significantly higher quality, therefore offering corresponding marketing opportunities in the months ahead," the group said. "In the international fruit business, T&G Global was successful in the Asia-Pacific market in particular, thanks to specialities such as grapes, berries and citrus fruit."
BayWa said that it expected the positive development to continue in both agricultural areas in the final quarter of the year.
"High-quality harvests in the Northern Hemisphere and the traditional increase in demand for tropical fruits around Christmas should have a positive effect on business, as should the tremendous willingness of farmers to invest to agricultural equipment."