RUBSF - Rubis: Vessel Ownership Benefits Kick In Strong Legacy Businesses
2024-03-10 09:30:47 ET
Summary
- Rubis delivered a strong quarter, driven by excellent performance in the retail segment in the Caribbean and improved results in support and services thanks to the conflict in the Middle East.
- The bulk liquid storage joint venture is performing well too, benefiting from recent investments which have scaled the business in 2023.
- The renewable energy business saw growth in EBITDA, but the investments in this segment are substantial, and we don't think yields are high enough considering alternatives.
- Nonetheless, a strong quarter, although we do point out that renewable investments are stopping deleveraging, and interest costs already this year stymied net income growth.
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Rubis: Vessel Ownership Benefits Kick In, Strong Legacy Businesses