The energy distributor posted sales of 1,652 ME in Q1 2024, down -5% on Q1 2023.

LPG growth in Q1 2024 was underpinned by high bulk demand in Morocco and South Africa. LPG fuel enjoyed strong growth in Spain, particularly in the first quarter (+31% in volume). Gross margin remained stable at +1%.

Bitumen volumes were down 15% on 2023. This contraction is mainly due to lower volumes in Nigeria following the decision by some road builders to suspend their projects until the currency stabilizes.

The Support & Services business recorded sales of ME260 (-13%) in Q1 2024, after a very high Q1 2023.
Volumes and margins are down 28% and 23% respectively on 2023.

The targets communicated to the market for 2024 have been reaffirmed, with Group EBITDA expected to be between 725 ME and 775 ME. Group net income should remain stable despite the first application of the Global Minimum Tax, representing an estimated impact of between 20 and 25 million euros.

Copyright (c) 2024 CercleFinance.com. All rights reserved.