Rubis reports strong growth led by Jamaica and Guyana

The Anglophone Caribbean, including Jamaica, fuelled growth for Rubis, the global energy firm, which reported double-digit margin gains for the first half of 2024.

However, Haiti’s economic and political instability weighed down the company’s overall performance.

“Continued strong performance of Retail, C&I and Aviation businesses in the Caribbean was driven by the booming development of Guyana, the increase in airlines frequencies in Barbados and the dynamism of Jamaica,” said Rubis.

The Caribbean operations at Rubis earned a gross margin of €167 million (US$185 million), reflecting a 14 per cent increase compared to the same period in 2023. This improvement was driven by a five per cent rise in volumes year-on-year to 1.15 million litres of gas.

The region’s performance stood out, particularly when compared to challenges faced in other regions like Africa.

“The Caribbean region remained buoyant, despite the complicated situation in Haiti,” said Rubis in its financial results.

Volumes in Haiti declined 24 per cent on account of unrest due to gang activity in sections of the island.

Earning before interest and taxes or EBIT increased by 22 per cent, “led by Jamaica and Guyana” stated Rubis.

The group’s total core earnings EBITDA for the first half of 2024 was €358 million, down 12 per cent from the previous year.