The group’s fresh produce division performed well during the period, but problems persist in other parts of its business
German conglomerate BayWa has posted a loss of €77.6mn before interest and taxes for the third quarter of 2024, with additional ‘extraordinary’ items known as impairment losses taking that deficit to almost €300mn.
According to the group, its much-publicised restructuring “weighed particularly heavily” on its performance during the period, specifically in its agricultural produce and building materials trades.
Revenues for the third quarter were €16.0bn, down from €18.2bn year on year. In Q3 of 2023, its Ebit without impairment was €214.6nm.
“The Global Produce Segment recovered significantly in the reporting period,” it stated. “While the previous year was still affected by the negative consequences of a cyclone in New Zealand, the segment is benefiting from good apple prices in both hemispheres this year.”
It added: “Revenues after nine months amounted to €781.1mn (previous year: €749.7mn). The result came to €1.1mn (previous year: minus €4.7mn).”
However, other parts of the BayWa organisation did not fare so well, it noted, with its construction sales affected by crisis in the residential construction market, and a slump in demand in the German heating market affecting its energy business.
Its renewable energies division in particular continued to suffer from difficult market conditions – for example, an oversupply of solar panels.
The company owns a number of fresh produce companies grouped under the name BayWa Global Produce – T&G Global in New Zealand, BayWa Obst in Germany, Al Dahra BayWa in Abu Dhabi, and TFC Holland.
