CropEnergies reports record revenues for 2019-’20 fiscal year

By Erin Voegele | May 19, 2020

European ethanol producer CropEnergies announced on May 13 the company achieved record revenues for the 2019-’20 financial year, which ended Feb. 29. Revenues are expected to fall during the current year, however, due to the COVID-19 pandemic.

CropEnergies reported revenues €899 million ($981.79 million) during its 2019-’20 financial year, up from €779 million during the previous year. Operating profit tripled, reaching €104 million, up from €33 million. EBITDA was also up, reaching €146 million, compared to €72 million during the 2018-’19 financial year. The company attributed the improved financial results to increased demand for alternative fuels and higher ethanol prices. CropEnergies’ ethanol production volumes also increased, reaching 1.002 million cubic meters, up from 967,000 cubic meters the previous year.

The COVID-19 pandemic is negatively impacting the current fiscal year, which began March 1. CropEnergies said it expects revenues and operating profit to decline significantly for the 2020-’21 fiscal year. The pandemic is also impacting plant operations. CropEnergies said maintenance work on its plant in Wanze, Belgium, was delayed by several weeks due to pandemic-related curfews.

Additional information is available on the CropEnergies website.