Rubis drops as interest rates, FX weigh on net profit

Rubis SCA

06/09/2024 08:40

** Shares in Rubis  RUBF.PA  drop more than 7% as the French
liquid products distributor posted H1 results impacted by
interest rates, FX effects
    ** Rubis misses expectations cited by Portzamparc on H1 net
profit, which is down 24% to 120 million euros  ($133.38
million) vs 162 million euros expected by the broker, while H1
EBITDA falls 12% to 358 million euros, broadly in line 
    ** The company cited an increase in interest rates, higher
debt at Photosol, a solar energy company bought in December
2021, and a negative foreign exchange effect in Nigeria and
Kenya
    ** "These three effects were expected but to a lesser
extent," says Portzamparc, cutting FY net income forecasts
    ** The stock is second-worst performer on France's SBF 120
index  .SBF120 

($1 = 0.8997 euros)

 (Reporting by Michal Aleksandrowicz)
 ((michal.aleksandrowicz@tr.com))