CropEnergies reports record quarterly revenues

By Erin Voegele | October 24, 2019

European ethanol producer CropEnergies AG recently announced it achieved revenues of €245 million ($272.03 million) for the fiscal second quarter of 2019-‘20, the three months ended Aug. 31, setting a new quarterly record for the company. Revenues for the same period of last year were €201 million.

Revenues for the first half of the fiscal year reached €448 million, up from €393 million for the same six-months of last year. CropEnergies attributed the increase to significantly higher ethanol sales prices. The company also said trading volumes were up.

Operating profit reached €28.6 million for the second quarter, up from €9.6 million during the same period of last year. Operating profit for the first half of the year was €43.7 million, up from €14.2 million.

Ethanol production for the first half of the fiscal year reached 478,000 cubic meters, down from 494,000 cubic meters for the same period of last year. CropEnergies said its plant in Wilton, U.K., continued to operate at a reduced rate during the period.

For the full financial year, CropEnergies said it expects to see revenues in the range of €820 million to €860 million with an operating profit of €50 million to €75 million.

CropEnergies currently operates four ethanol plants, including a 400,000-cubic-meter-per-year facility in Zeitz, Germany; a 300,000-cubic-meter-p-year plant in Wanze, Belgium; a 400,000-cubic-meter-per-year facility in Wilton, U.K.; and facility in Loon-Plage, France that can produce up to 100,000 cubic meters of fuel ethanol annually.