Caribbean closes gap on Africa at Rubis amid oil price spikes

Rubis, the French energy distributor, expects recovery and growth in the Caribbean to drive its performance through the rest of the year, even as Africa edges past the region on margin.

The Caribbean generated €2.07 billion in retail and marketing revenue over the nine months to September, up 22 per cent on a year earlier. Africa contributed the most at €2.6 billion, up 44 per cent, and Europe €750 million, up 24 per cent.

“In the Caribbean, we expected the continued recovery in Haiti, tourism activity, and the development of the Guyana and Suriname economies to support performance,” Marc Jacquot, managing partner and group chief financial officer, told analysts at the third-quarter earnings call this week.

Group gross margin, revenue less the cost of product sold, reached €725 million over the nine months, a rise of 14 per cent. Africa accounted for €268 million of that, up 26 per cent, narrowly ahead of the Caribbean at €267 million, up 7 per cent. Europe contributed €190 million.

The lead is slight and recent. Rubis reports in whole millions, so Africa’s advantage amounts to less than half a percentage point. In the third quarter alone the Caribbean outearned Africa, €91 million to €84 million, closing a gap that had stood at €8 million at the half-year.

On Tuesday Rubis reaffirmed its full-year guidance, expecting earnings before interest, taxes, depreciation and amortisation (EBITDA) of between €775 million and €825 million.

“Given our year-to-date performance and outlook for the rest of the year, we reaffirm our EBITDA guidance for 2026,” the company said.

Group revenue rose 44 per cent to €2.28 billion in the quarter and 31 per cent to €6.34 billion over nine months.

Volumes tell a flatter story. Caribbean volumes rose 6 per cent in the quarter and 9 per cent over nine months, to 1.97 million cubic metres. African volumes grew 2 per cent over nine months, meaning that region’s margin gain came from pricing and mix rather than throughput.

Haiti helped rather than hindered. “Momentum was strong in the Caribbean, particularly in Haiti and Suriname,” Rubis said, adding that “Haiti continued to benefit from the recovery in activity initiated in 2025”.

Aviation volumes fell 1 per cent but gross margin rose 25 per cent, which Rubis attributed to Caribbean traffic. Its Kenyan aviation business remains under pressure. Bitumen was the group’s standout, with volumes up 82 per cent in the quarter and 55 per cent over nine months.

Jamaica does not appear in the latest release. In earlier trading updates this year, Rubis described Caribbean growth as “driven by Jamaica, Guyana and Barbados”, while noting that “product mix, leading to lower margins” weighed on unit profitability.

Through Soleco Energy, Rubis operates two solar projects in Jamaica with 2.9 megawatts-peak of installed capacity.

Crude prices have swung violently since the United States and Israel attacked Iran in February. Brent closed at US$72.48 the day before the war began, then surged as Iran mined the Strait of Hormuz, through which more than a fifth of the world’s oil passes. Prices collapsed back below US$71 by early July, then peaked at US$109 a barrel in mid-September. Brent has fallen for four straight sessions to US$94.

business@gleanerjm.com