(CercleFinance.com) – Energy distribution posted a turnover of 1,652 ME in the 1st quarter of 2024, down -5% compared to the 1st quarter of 2023.
LPG growth in the first quarter of 2024 was supported by high bulk demand in Morocco and South Africa. LPG fuel experienced strong growth in Spain, particularly in the first quarter (+31% in volume). The gross margin remained stable at +1%.
For the Bitumen activity, volumes are down 15% compared to 2023. This contraction is mainly explained by the reduction in volumes in Nigeria following the decision of some road builders to suspend their projects while waiting for the currency to strengthen. stabilizes.
The Support & Services activity recorded a turnover of €260 million (-13%) in the first quarter of 2024, after a very high first quarter of 2023.
Volumes and margins are down 28% and 23% respectively compared to 2023.
The objectives communicated to the market for 2024 are reaffirmed with a Group EBITDA which should be between 725 ME and 775 ME. The Group’s share of net income should remain stable despite the first application of the Global Minimum Tax, representing an impact estimated between 20 and 25 million euros.
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