The Frankfurt–listed company reported net income in the first half of the year of €102.7m ($111.8m), a significant climb from the €9.1m in the corresponding period of 2014.

Phoenix also saw a 300% growth in revenues to €39,7m, up from €12m in the first six months of last year.

While domestic revenues took a hit and dropped by 89% from €1.6m to €182,000, international revenues performance tripled, accounting for almost the entirety of the company’s revenues, with €39.5m,