Rubis Adr (RBSFY) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to today's Rubis Q3 and 9-month 2024 trading update call. Throughout today's recorded presentation, all participants will be in a listen-only mode. Later, we will conduct a question-and-answer session. You may register for questions by pressing star 1 on your telephone keypad at any time, and you may also submit your questions via the webcast. And now I'd like to hand the call over to Mr. Marc Jekyll, CFO. Please go ahead, sir. Good evening, ladies and gentlemen. Thank you for joining us today for this Q3 2024 trading update. I'm hosting the call today with Clemence Mignon du Perrault, head of investor relations. Before we dive into our business, let me remind you of the context of this quarter. We faced an extremely volatile oil price due to the escalation of the conflict in the Middle East, and prices fluctuated significantly through the quarter, especially in September and October with the general down rate trend globally. At previous level, the main elements of the quarters are the following. On the distribution side, we saw high volumes compared to last year with 7% increase. and 5% increase in the beginning of the year. This volume growth was mostly driven by Africa, and to a lesser extent, Europe. This demonstrates that Rubis is gaining market shares in these countries, and demand for the products we distribute is there. However, on the margin, the very sudden decrease in oil prices subsequent volatility had a short-term negative impact on our margins with a global picture which is a bit contrasted depending on the geographies. Because if you look in the Caribbean, which is less regulated, we are going to pass through the major part of the oil price fluctuations to our customers quite quickly. This area has not really suffered the from thi...