Rubis to install 8 MW solar

Rubis, global fuel distributor, signed a deal to install an 8-megawatt (MW) capacity solar plant in Jamaica in June, part of a renewable energy push that accompanied half-year financial results released Tuesday.

The Caribbean remains the group’s most important region by earnings, even as its profit margin now trails Africa’s.

“Rubis delivered a strong first-half performance in a volatile and high oil price environment, driven by solid activity levels, disciplined execution and active commercial management,” managing partners Clarisse Gobin-Swiecznik, Jean-Christian Bergeron and Marc Jacquot said in a statement accompanying the results.

The Caribbean generated €124 million of earnings before interest, taxation, depreciation, and amortisation (EBITDA) on revenue of €1.81 billion in the first half, the largest earnings contribution of any Rubis region. Africa followed with €122 million of EBITDA on revenue of €1.73 billion. Europe was third, with earnings of some €78 million. On a margin basis, Africa’s EBITDA came in at just over 7.0 per cent of revenue, narrowly ahead of the Caribbean’s roughly 6.9 per cent.

Africa led on volume throughout the half, selling 1.55 million cubic metres against the Caribbean’s 1.32 million. But Caribbean volumes rose 10 per cent year-on-year, more than Africa’s 3.0 per cent growth — a sign the region added considerably more product without a matching increase in profitability.

“In the Caribbean, Guyana remained one of the main contributors to volume growth, although margins were under pressure in a context of high oil price, while Haiti continued its recovery trajectory, supported by increased network activity and improving profitability,” Rubis stated in the preface to its financials.

On the solar deal, Rubis flagged it directly among its half-year highlights: “Half-year highlight — signing of an 8 MW project in Jamaica in June 2026.” The agreement follows an earlier solar installation drive two years ago. Group-wide, Rubis installed an additional 166 MW of solar plants and solutions during the half, up a third year-on-year, bringing its total installed solar capacity to 799 MW.

The Jamaica solar signing extends a commercial and industrial renewables push that Rubis is running across Africa and the Caribbean separately from Photosol, its French utility-scale renewables arm. The company operates in Jamaica through its wholly owned subsidiary, Rubis Energy Jamaica.

On supply security, the group said events in the Middle East did not negatively affect its operations or its ability to supply customers during the half, noting it has no operating activity in the region and manages sourcing regionally through diversified contracts.

Looking ahead, Rubis said it expects “sustained high oil prices to weigh on demand” globally through the remainder of its financial year. “However, at regional level, in the Caribbean, activity will remain supported by continued recovery in Haiti, tourism dynamism, and the development of the Guyana and Suriname economies,” the company added.

The Paris-listed company reported EBITDA of €434 million for the six months to June 30, up 18 per cent, on revenue of €4.07 billion. Net income rose 17 per cent to €191 million. Rubis raised its full-year EBITDA guidance to a range of €775 million to €825 million, from €740 million to €790 million previously.

business@gleanerjm.com