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CropEnergies reports a tripling of profits

A decline is revenues is expected because of the pandemic
A decline is revenues is expected because of the pandemic
CropEnergies has reported record revenues of €899 million in the 2019/20 financial year compared with €779 million previously.
The Mannheim-based company also reported that its profits had tripled to €104 million up from €33 million the previous year.
The company said the main reason for the increase in earnings was an increased demand for climate-friendly alternative fuels and also due to higher ethanol prices. More European countries are using low-CO2 fuels to achieve their climate protection targets.
The board at its meeting last month decided to propose a dividend of €0.30 per share for the 2019/20 financial year to the annual general meeting to be held on 14 July.
After the previous year’s record results, CropEnergies expects a significant decline in revenues and operating profit in the current financial year due to the COVID-19 pandemic. The mobility restrictions imposed since mid-March are expected to have a negative impact on sales and prices in the short term.
An improvement in earnings is expected in the course of the financial year as restrictions are eased gradually in more countries. This will again contribute to higher fuel demand.
At the same time, demand for ethanol as the main component of disinfectants has risen sharply since March.
As Europe's largest producer of ethanol, CropEnergies has been working hard to supply the market quickly and making an important contribution to combating the virus.
A decline is revenues is expected because of the pandemic