Rubis: confirms targets for 2024

(CercleFinance.com) - The energy distributor posted sales of E1,652m in Q1 2024, down 5% y-o-y.


LPG growth in Q1 2024 was underpinned by high bulk demand in Morocco and South Africa. LPG fuel enjoyed strong growth in Spain, particularly in the first quarter (+31% in volume). Gross margin remained stable at +1%.

Bitumen volumes were down 15% on 2023. This contraction is mainly due to lower volumes in Nigeria following the decision by some road builders to suspend their projects until the currency stabilizes.

The Support & Services business recorded sales of E260m (-13%) in Q1 2024, after a very high Q1 2023.

Volumes and margins are down 28% and 23% respectively on 2023.

The targets communicated to the market for 2024 have been confirmed, with Group EBITDA expected to be between E725m and E775m. Group net income should be pretty flat, despite the first application of the Global Minimum Tax, representing an estimated impact of E20m to E25m.


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