Rubis reported strong growth due to the performance in Jamaica and Guyana, with a 14% increase in gross margin for the first half of 2024, totaling €167 million. Despite this success, the instability in Haiti negatively impacted overall results, causing a 24% decline in volume there. The company’s total EBITDA fell by 12%, totaling €358 million. Overall, while the Caribbean region thrived, the situation in Haiti remains a concern.
Rubis, a prominent global energy company, has showcased considerable growth during the first half of 2024, primarily driven by robust performance in the Anglophone Caribbean region, particularly in Jamaica and Guyana. The firm reported impressive double-digit margin gains, with the Caribbean operations generating a gross margin of €167 million (approximately US$185 million), which represents a 14 percent increase from the same period in the previous year. This growth was bolstered by a five percent rise in fuel volumes, amounting to 1.15 million liters. However, the overall performance of Rubis was somewhat hindered by the socio-economic turmoil in Haiti, where the company’s volumes declined by 24 percent due to escalating gang violence. In contrast, the positive trends in Jamaica and Guyana significantly contributed to the company’s success, with earning before interest and taxes (EBIT) increasing by 22 percent. Despite this, the total core earnings before interest, taxes, depreciation, and amortization (EBITDA) for the group saw a decline of 12 percent compared to the previous year, totaling €358 million. Rubis emphasized that the Caribbean region remained resilient, declaring, “The Caribbean region remained buoyant, despite the complicated situation in Haiti.”
The report reveals the economic performance of Rubis, particularly focusing on its operations in the Caribbean, especially Jamaica and Guyana, which have been key to its growth. The company has capitalized on rising demand and increased activity in these regions, contrasting with the challenges posed by instability in Haiti. The fluctuations in gross margins and EBITDA highlight the varying performance levels across different markets, underscoring the importance of regional stability in business operations. Through this analysis, we can comprehend the dual impact of locale-specific economic conditions on the performance of multinationals like Rubis.
In conclusion, Rubis has demonstrated remarkable growth in the Caribbean market, particularly due to the successes in Jamaica and Guyana. However, the ongoing crisis in Haiti poses significant challenges that could affect future performance. The report highlights the company’s ability to navigate varied market conditions but also underscores the need for stability in all regions for sustained economic performance.
Original Source: caribbean.loopnews.com
