Rubis Reports Strong Growth in the Caribbean, Driven by Jamaica and Guyana

Rubis reported strong growth in the Anglophone Caribbean, primarily driven by Jamaica and Guyana, with a 14 percent increase in gross margin year-on-year for the first half of 2024. However, economic instability in Haiti resulted in a 24 percent decline in volumes there. Overall, the Caribbean region’s performance contributed positively to the company’s results, even as total core earnings dipped by 12 percent.

Rubis, the global energy company, experienced significant growth in the first half of 2024, primarily driven by strong performance in the Anglophone Caribbean, particularly in Jamaica and Guyana. The firm reported a notable increase in its gross margin, reaching €167 million (approximately US$185 million), which reflects a 14 percent rise compared to the same period in 2023. This success was attributed to a five percent rise in volumes sold, totaling 1.15 million liters of gas. The positive results from the Caribbean operations contrasted sharply with the challenges faced in Haiti, where the company’s performance has been adversely affected by ongoing economic and political instability, leading to a dramatic 24 percent decline in volumes owing to gang-related unrest. Nonetheless, the overall EBIT for Rubis increased by 22 percent, thanks to the contributions from Jamaica and Guyana. Despite these gains, the company reported a 12 percent decline in total core earnings EBITDA for the first half of 2024, which amounted to €358 million. The stability and growth in the Caribbean, particularly Jamaica and Guyana, illustrate the region’s resilience and continued demand for energy despite the difficulties faced by Haiti. Rubis’s performance highlights the significant impact of regional developments in shaping the company’s financial outcomes.

The article discusses the financial performance of Rubis, a global energy firm, focusing on its operations within the Caribbean during the first half of 2024. It highlights how regions such as Jamaica and Guyana have bolstered growth for the company, showcasing increasing sales volumes and improved margins. In contrast, the ongoing unrest and instability in Haiti have negatively impacted Rubis’s overall performance. This financial data reflects broader economic patterns and the challenges companies may face in politically unstable environments while also recognizing regions that foster growth.

In conclusion, Rubis demonstrated strong growth in the Caribbean during the first half of 2024, with Jamaica and Guyana playing pivotal roles in this success. Despite the challenges posed by the economic and political situation in Haiti, the firm saw substantial increases in gross margin and EBIT driven by increased demand for its services in more stable markets. This performance underscores the contrasting conditions within the Caribbean and the potential for growth against a backdrop of regional instability.

Original Source: caribbean.loopnews.com