CropEnergies reports record revenue for fiscal Q2

European ethanol producer CropEnergies AG on Oct. 12 reported that the company achieved record revenues of EUR 450 million during the fiscal second quarter of 2022, the three-month period ended Aug. 31. Revenue for the same period of last year was at EUR 249 million.

CropEnergies attributed the record revenue to significantly higher sales volumes of ethanol and significantly higher sales prices. Volumes and sales for food and feed coproducts were also up during the quarter.

According to the company, the higher sales prices for ethanol and coproducts more than offset increased prices for raw materials and energy during the second quarter. Moving into the current quarter, however, margins are being eroded by further increases in energy and electricity prices coupled with continued high raw materials prices.

CropEnergies produced 583,000 cubic meters of ethanol at its four biorefineries during the fiscal first half of 2022, up from 520,000 cubic meters during the same period of 2021. The four facilities are located in Wilton, U.K.; Loon-Plage, France; Wanze, Belgium; and Zeitz, Germany.

In September, the CropEnergies announced it is considering reducing production at its biorefineries in response to rising production costs. The company has also indicated it is appealing to government officials to support companies with energy-intensive production and to ensure a level playing field on the European ethanol market.