Rubis has reported strong growth in the Caribbean, particularly in Jamaica and Guyana, with a 14% increase in gross margins totaling €167 million. Challenges in Haiti due to unrest have affected overall performance, leading to decreased volumes in that region. Nonetheless, the company’s EBIT rose by 22%, demonstrating robust performance amidst these difficulties.
Rubis, a global energy company, has reported substantial growth in the Anglophone Caribbean, particularly driven by performance in Jamaica and Guyana. The company experienced a notable increase in gross margins, achieving €167 million (approximately US$185 million) for the first half of 2024, representing a 14% rise compared to the same period in 2023. This growth was partly attributed to a 5% increase in gas volume to 1.15 million liters, indicating robust operational performance despite the economic turmoil in Haiti, where volumes fell by 24% due to gang-related unrest. The company also reported a 22% increase in earnings before interest and taxes (EBIT), with the total core earnings before interest, tax, depreciation, and amortization (EBITDA) down by 12% year-on-year to €358 million. Rubis acknowledged the Caribbean’s unique resilience amidst broader challenges in regions such as Africa.
The energy sector in the Caribbean has seen a significant shift, with companies like Rubis capitalizing on the burgeoning markets of Jamaica and Guyana. This upsurge is marked by increased demand for energy, spurred on by developmental projects and enhancements in airline services in the region. However, Haiti’s ongoing socio-political difficulties have posed substantial challenges to energy distribution and sales, marking a complex landscape for Rubis and similar firms. The report underscored the contrast between stable growth in the Caribbean and the adverse impacts of instability in other regions.
In conclusion, Rubis has demonstrated impressive growth in the Caribbean, with strong contributions from Jamaica and Guyana. While economic challenges persist in Haiti, the overall results reflect the resilience and dynamic nature of the Caribbean energy market, positioning Rubis for future opportunities despite regional disparities.
Original Source: caribbean.loopnews.com
