Rubis Experiences Strong Growth Due to Caribbean Operations, Despite Challenges in Haiti
Rubis reported strong growth in the Caribbean, primarily due to success in Jamaica and Guyana, achieving a 14% increase in gross margin to €167 million for H1 2024. Despite Haiti’s economic challenges leading to a 24% drop in volume, overall EBIT rose by 22%. Total EBITDA decreased by 12% to €358 million. The region’s robust performance stands out amid difficulties in other areas.
Rubis, the international energy company, has reported substantial growth in its operations across the Anglophone Caribbean, primarily due to the progress in Jamaica and Guyana. For the first half of 2024, Rubis achieved remarkable double-digit margin gains; however, the ongoing economic and political instability in Haiti negatively impacted the overall performance. A statement from Rubis noted, “Continued strong performance of Retail, C&I and Aviation businesses in the Caribbean was driven by the booming development of Guyana, the increase in airlines frequencies in Barbados, and the dynamism of Jamaica.” The Caribbean division generated a gross margin of €167 million (approximately US$185 million), marking a 14 percent increase compared to the same period last year, with year-on-year volume growth of 5 percent, amounting to 1.15 million liters of gas. In contrast, Haiti faced a 24 percent decline in volume attributed to unrest from gang activity. Despite this setback, the EBIT surged by 22 percent, primarily driven by the strong performances in Jamaica and Guyana. Overall, Rubis’s integrated earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a decrease of 12 percent, resulting in €358 million.
The article discusses Rubis’s financial performance, particularly in the Caribbean region, where the energy firm experienced notable growth in Jamaica and Guyana. The impacts of political unrest in Haiti on the company’s performance are highlighted, providing a broader perspective on the challenges and successes faced by the firm in the region. The financial metrics discussed, such as gross margin and EBITDA, reflect the operational efficiency and market conditions impacting Rubis’s performance.
In conclusion, Rubis has demonstrated significant growth in the Caribbean market, particularly driven by developments in Jamaica and Guyana. Despite the challenges posed by Haiti’s instability, the overall performance remains strong, supported by increases in both volume and profitability. As Rubis continues to expand its presence in the region, the dynamics of local markets will play a crucial role in shaping its future trajectory.
Original Source: caribbean.loopnews.com
