Shell Jamaica sale price remains shrouded
Published:Friday | March 22, 2013 | 12:00 AM
Rubis Energy spent pound220 million (J$32.5b) to acquire assets in four markets, including Jamaica, according to its annual earnings report.
The company did not disaggregate the acquisitions by individual territory. It acquired the Shell Jamaica assets in December from Blue Equity LLC.
Rubis split its acquisitions into two segments with the Shell service station assets acquired in Jamaica falling within the larger bunch. Total acquisition for the group stood at pound332 million in the year the report indicated.
The larger bunch of assets included the incorporation of distribution networks in Bahamas and Cayman Islands; acquisition of fuel and fuel oil distribution assets in Jamaica; and an investment in the Delta Rubis joint venture in Turkey.
Rubis posted a record year with net profit of euro94 million, up 31 per cent year on year "resulting from the successful integration of all the acquisitions made in 2011", the company said.
Cash flow rose by 26 per cent and earnings per share increased 23 per cent.
The 52 Shell stations gas stations in Jamaica rebranded under the Rubis name starting next year. Rubis has rights to the Shell name until mid-2014.
The Shell brand has operated in Jamaica since 1923.