Rubis has reported double-digit margin growth in the Caribbean for the first half of 2024, with Jamaica and Guyana leading the charge. The Caribbean segment earned a gross margin of €167 million, up 14% year-on-year, despite a decline in volumes in Haiti due to unrest. Overall core earnings saw a drop of 12% from the previous year, highlighting the varied regional performances.
Rubis, the global energy company, has reported a significant growth in its operations within the Anglophone Caribbean, notably driven by the economic dynamics in Jamaica and Guyana. In the first half of 2024, the company achieved double-digit margin increases, despite the adverse impacts of economic and political instability in Haiti. The Caribbean segment of Rubis generated a gross margin of €167 million (approximately US$185 million), marking a 14% increase from the year prior, primarily due to a 5% uptick in gasoline volumes, totaling 1.15 million liters. Rubis attributed this success to robust performance in retail, commercial & industrial (C&I), and aviation sectors, bolstered by increased airline operations in Barbados and ongoing developments in Guyana. Despite the overall positive outcomes in the Caribbean, Haiti’s unrest led to a 24% decline in volumes, resulting in a challenging operational landscape. Nevertheless, the company’s earnings before interest and taxes (EBIT) rose by 22%, primarily due to contributions from Jamaica and Guyana. However, the group’s overall core earnings (EBITDA) dropped by 12% compared to the previous year, amounting to €358 million, reflecting the divergent performances across various regions, particularly when juxtaposed with hurdles encountered in Africa.
Rubis is an established global energy firm with significant operations in the Caribbean, where it has capitalized on the growing demand for energy due to increased economic activity in countries like Jamaica and Guyana. The Caribbean market has shown resilience, in contrast to the instability in Haiti, which has hindered economic progress in that nation. The company’s performance metrics are closely monitored as they reflect both regional economic conditions and the overall health of the energy sector in the Caribbean. The reported gross margin and increased volumes indicate a recovery and growth trajectory, significantly influenced by local market dynamics.
In summary, Rubis has demonstrated strong performance in the Caribbean market, particularly fueled by the developments in Jamaica and Guyana, resulting in substantial margin gains. Nevertheless, the continued instability in Haiti poses a risk to overall performance. The company’s ability to balance these regional disparities will be crucial for its sustained growth moving forward.
Original Source: caribbean.loopnews.com
