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VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN Q3
Volume (in ‘000 m3) Gross margin (in €m) Q3 2024 Q3 2023 Q3 2024
vs Q3 2023
Q3 2024 Q3 2023 Q3 2024
vs Q3 2023
LPG304 298 2%70 69 0%Fuel1,095 1,018 8%107 107 0%Bitumen95 80 18%14 15 -10%TOTAL1,494 1,396 7%190 191 -1% LPG volume increased over the quarter, mainly driven by a very dynamic bulk segment in Morocco and continued strong demand growth in autogas in France and Spain. These increases were partially offset by softer markets in South Africa and Kenya. Gross margin remained stable, and unit margin decreased by 2% yoy as a result of the different segment mix.
As regards fuel:
the retail business (service stations representing 52% of Q3 fuel volume and 56% of Q3 fuel gross margin) experienced varying trends across regions. Overall, volume increased by 2% yoy in Q3 and gross margin rose by 6%. These dynamics were primarily driven by: Caribbean: The activity remained highly dynamic, with both volume and margins growing significantly notably in Jamaica. However, Haiti hampered regional performance with a volume decrease, while unit margin remained stable,East Africa: Retail activity rebounded with growth in Q3 after a challenging first half of 2024. However, the gross margin was negatively affected, notably by the decrease in crude prices; the Commercial and Industrial business (C&I, representing 26% of fuel volume and 25% of Q3 fuel gross margin) remained stable with a 1% increase in volume and 1% decrease in gross margin. This was mainly driven by usual strong performance in Guyana and Barbados. Madagascar saw a decrease in C&I activity after a decision not to participate in the renewal of a public tender where margins did not meet Group standards;the aviation segment (representing 17% of fuel volume and 13% of Q3 fuel gross margin) continued to be very dynamic with volume growth reaching 32% over Q3. Gross margin decreased by 12% due to the decrease in oil prices over the quarter impacting inventory value.
Bitumen volume was up 18% yoy, underpinned by the continued strong performance of South Africa, Togo and Cameroon. Nigeria is still lagging. The gross margin decreased by 10% yoy, representing €1m.
The table below provides volume and gross margin split by region for Q3.
VOLUME SOLD AND GROSS MARGIN BY REGION IN Q3
Volume (in ‘000 m3) Gross margin (in €m) Q3 2024 Q3 2023 Q3 2024 vs Q3 2023 Q3 2024 Q3 2023 Q3 2024
vs Q3 2023
Europe219 198 11%47 45 5%Caribbean553 560 -1%78 78 0%Africa722 637 13%65 68 -5%TOTAL1,494 1,396 7%190 191 -1% By region, the dynamics of this quarter were as follows:Europe’s strong LPG positioning (LPG accounts for 86% of regional gross profit) continues to yield positive results. This segment maintained its momentum with a 7% increase in volume in Q3, driven by bulk and autogas in France and Spain. The margin remained overall stable at +1%, with a lower performance in Portugal over the quarter;in the Caribbean region volume and margins stabilised in Q3. This overall picture is the result of contrasting forces: ongoing dynamism in the region, particularly in Jamaica and Guyana, and a continued challenging situation in Haiti;Africa began to recover after a difficult first-half. Volume growth was strong across the board, but margins were negatively impacted by the decrease in oil prices, particularly in Kenya.
Support & Services
The Support & Services business recorded total revenue of €258m in Q3 2024 (+2% yoy).
Margins are decreasing significantly (-25% yoy) to €29m after a very strong Q3 2023.
As a reminder, 2023 had reached a record due to a high level of margin-accretive bitumen trading activity in a context of high shipping rates.
In 2024, the opportunities for bitumen trading in North America were limited, decreasing the overall level of margins and the utilisation of bitumen vessels. The Group is adjusting its approach by offering trading in the Eastern part of the Atlantic.
On the other hand, the strong momentum observed in the fuel and LPG trading activity in the Caribbean over the first half continued in Q3 with +43% in volume and +39% gross margin over the quarter, benefiting from the two vessels acquired in 2023.
The SARA refinery and logistics operations present specific business models with stable earnings profile.
RENEWABLE ELECTRICITY PRODUCTION
The level of assets in operation increased by 22% yoy, reaching 513 MWp at end-Sept 2024. The secured portfolio surpassed 1 GWp. Regarding the pipeline, the project in Creil (approx. 200 MWp) commenced construction during the quarter. Additionally, the early-stage bucket was bolstered by 0.9 GWp of new projects over the quarter. Revenue for Q3 2024 amounted to €17m, representing a 6% yoy increase.
Operational data Q3 2024Q3 2023Var %Assets in operation (MWp)51342122%Electricity production (GWh)166167-1%Sales (in €m)1716+6% OUTLOOK
As exposed on 31 October 2024, following:
the recent escalation of conflicts in the Middle East and consequent strong fluctuations in oil prices impacting fuel distribution margins in the short term; the delayed adjustment in the pricing formula for retail distribution in Kenya;lower bitumen trading activity;partially offset by improved financial result and Rubis Terminal disposal capital gain; Rubis has revised its 2024 financial guidance as follows:EBITDA: €[675-725]m from €[725-775]m;Net income Group share (including a €83m net capital gain from Rubis Terminal disposal): €[340-375]m from “stable” vs €354m in FY 2023;Dividend per share: unchanged i.e., growing vs 2023, in addition to the €0.75 interim dividend related to Rubis Terminal divestment. NON-FINANCIAL RATINGMSCI: AA (reiterated in Dec-23)Sustainalytics: 30.7 (from 29.7 previously)ISS ESG: C (from C- previously)CDP: B (reiterated in Feb-24) Conference for investors and analysts
Date: 5 November 2024, 6:00pm
To access via the audio webcast: https://channel.royalcast.com/rubisen/#!/rubisen/20241105_1
To access via the conference call:
France: +33 (0)1 70 37 71 66UK-International: +44 (0) 33 0551 0200US: +1 786 697 3501Then verbally tell the operator the code ” Rubis ” Participants from Rubis: Marc Jacquot, CFOClémence Mignot-Dupeyrot, Head of IR Upcoming events
FY 2024 results: 13 March 2025 (after market close)
Press Contact Analyst Contact RUBIS – Communication departmentRUBIS – Clémence Mignot-Dupeyrot, Head of IRTel: +33 (0)1 44 17 95 95
[email protected]
Tel: +33 (0)1 45 01 87 44
[email protected]
appendix
1. SALES
REVENUE BREAKDOWN
Revenue (in €m) Q3 2024 Q3 2023 Q3 2024 vs
Q3 2023
Energy distribution1,613 1,580 +2%Retail & Marketing1,356 1,329 +2%Europe208 192 +8%Caribbean541 595 -9%Africa607 542 +12%Support & Services258 251 +2%Renewable Electricity production17 16 +6%TOTAL1,630 1,596 +2% REVENUE BREAKDOWNRevenue (in €m) 9M 2024 9M 2023 9M 2024 vs
9M 2023
Energy distribution4,929 4,880 +1%Retail & Marketing4,184 4,103 +2%Europe612 602 +2%Caribbean1,755 1,733 +1%Africa1,817 1,767 +3%Support & Services744 777 -4%Renewable Electricity production41 41 +1%TOTAL4,969 4,920 +1% 2. 9M FIGURES
RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY PRODUCT IN 9M
Volume (in ‘000 m3) Gross margin (in €m)Adjusted1 Gross margin (in €m) 9M 2024 9M 2023 9M 2024 vs 9M 2023 9M 2024 9M 2023 9M 2024 vs 9M 2023 9M 2024 9M 2023 9M 2024 vs 9M 2023 LPG964 952 1%228 227 0%228 227 0%Fuel3,196 3,006 6%321 337 -5%321 326 -2%Bitumen307 306 1%57 74 -23%57 49 16%TOTAL4,467 4,263 5%605 639 -5%605 602 0% (1) Adjusted for exceptional items and FX effects.
RETAIL & MARKETING: VOLUME SOLD AND GROSS MARGIN BY REGION IN 9M
Volume (in ‘000 m3) Gross margin (in €m)Adjusted1 Gross margin (in €m) 9M 2024 9M 2023 9M 2024 vs 9M 2023 9M 2024 9M 2023 9M 2024 vs 9M 2023 9M 2024 9M 2023 9M 2024 vs 9M 2023 Europe683 649 5%162 156 4%162 156 4%Caribbean1,699 1,651 3%245 224 9%245 224 9%Africa2,085 1,963 6%199 259 -23%199 223 -11%TOTAL4,467 4,263 5%605 639 -5%605 602 0% (1) Adjusted for exceptional items and FX effects.
Attachment
RUBIS: Q3 & 9M 2024 Trading Update
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Publish date : 2024-11-05 04:13:00
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