Rubis has reported double-digit margin growth in the Caribbean, primarily thanks to Jamaica and Guyana, with a gross margin rise to €167 million. However, the unstable conditions in Haiti resulted in a 24 percent decline in volumes. Overall, despite successful Caribbean operations, the group saw a 12 percent decrease in total core earnings (EBITDA).
Rubis, the global energy corporation, has reported robust growth in the Anglophone Caribbean, notably driven by market developments in Jamaica and Guyana. The company announced strong double-digit margin increases for the first half of 2024, highlighting that this growth was anchored in its Retail, Commercial & Industrial (C&I), and Aviation sectors. The Caribbean division generated a gross margin of €167 million (approximately US$185 million), which reflects a remarkable 14 percent rise compared to the same timeframe in 2023. This positive trajectory is attributed to a five percent increase in volume, amounting to 1.15 million liters of gas. Despite these successes, the economic and political turmoil in Haiti adversely affected the company’s overall performance, leading to a 24 percent decline in volumes due to gang-related unrest. The financial results indicated that earnings before interest and taxes (EBIT) rose by 22 percent, significantly influenced by the expansions in Jamaica and Guyana. However, the total core earnings before interest, taxes, depreciation, and amortization (EBITDA) for the group experienced a downturn of 12 percent, totaling €358 million.
Rubis operates extensively across various Caribbean markets and is significantly influenced by regional developments. The Caribbean market encompasses various sectors including retail fuels, commercial and industrial sales, and aviation logistics. The interaction between these sectors and the external environment, particularly in politically unstable regions like Haiti, plays a crucial role in guiding corporate performance metrics and strategic decisions.
In conclusion, Rubis has demonstrated notable growth in its Caribbean operations, particularly in Jamaica and Guyana, amid challenging circumstances in Haiti. Acknowledging the positive rise in volume and margins, the company highlights the dichotomy of success in certain regions against the backdrop of instability elsewhere.
Original Source: caribbean.loopnews.com
