(News Bulletin 247) – The energy distribution specialist published revenues slightly lower than expected in the first quarter.

No shine on the stock market for Rubis this Wednesday. The energy distribution specialist fell 4.8% at the start of the afternoon in Paris, showing the biggest drop in the SBF 120 after publishing its first quarter revenues.

Over the first three months of the year, the company generated revenues of 1.66 billion euros, down 5%. According to Oddo BHF, expectations were higher at 1.707 billion euros.

The broker mentions a “mixed” publication with “disparate performance”, depending on the activities. The “retail & marketing” division, which includes the distribution of fuel oils, lubricants, liquefied gases and bitumen, saw its volumes increase by 4% while the adjusted unit margin fell by 2%. Turnover stood at 1.39 billion euros, down 3% year-on-year.

>> Access our exclusive graphic analyses, and gain insight into the Trading Portfolio

Entry into the capital of Bolloré

The “support and services” division, which includes maritime transport, supplies, refining and storage activities, saw its turnover fall by 13%, to 260 million euros, and its volumes of 28% due to a high basis of comparisons, with significant crude deliveries in the first quarter of 2023.

Finally, electricity production, which represented only 3% of gross operating income in 2023, saw its revenues rise to 8 million euros compared to 9 million euros a year earlier.

The group has confirmed its objectives for 2024, namely a gross operating profit of between 725 million euros and 775 million euros and a stable net profit compared to 2023.

“Our recommendation remains positive on the value (Outperformance) pending the general meeting of shareholders on June 11, which should allow us to see more clearly the intentions of the new shareholders with an activist profile,” writes Oddo BHF.

Rubis has experienced a significant spotlight in recent months with the thunderous entry into its capital of Vincent Bolloré at the end of March, the businessman then taking more than 5%. This allowed Rubis shares to register an increase of 45.51% in the first quarter, the strongest increase in the SBF 120. The market appreciated the announcement because Vincent Bolloré is known to have an excellent track record in his investments. of participations in the stock market.

BFM Business then reported that businessman Patrick Molis had also exceeded 5% of Rubis’ capital, as had Canadian Ronald Sämann. The latter wants changes in both the strategy and governance of the company (whose legal status is a stock sponsorship).