(BFM Bourse) – The energy storage and distribution infrastructure specialist says it is confident in its ability to generate good growth in its results in 2022 after a sharp recovery in its financial indicators in the first half.
If the Caribbean zone had weighed on the accounts for the first half of Ruby last year, the situation is very different in 2022. This region has indeed been the main growth driver for the specialist in energy storage and distribution infrastructure “thanks to a strong recovery after the Covid crisis and a base favorable comparison.”
In the first half, the activity of Ruby jumped 60% to 3.29 billion euros. Half-year gross operating income rose to 314 million euros, up 22% year-on-year. Ruby specifies that the indicator exceeds the record level observed pre-Covid, of 240 million euros. As for current operating income – the company’s flagship indicator – it also rose sharply by 30% to 244 million euros after 188 million euros in the first half of 2021.
Strategic breakthrough in renewables
All activities contributed to the improvement of the company’s current operating profit. The distribution activity recorded growth in current operating income of 26% to 184 million euros, that of the support & services division rose by 22% to 75 million euros.
The current operating profit of Ruby was also carried by Photosol, a company recently acquired in April 2022. This French photovoltaic player contributed €1 million to the group’s current operating profit. Ruby recalls in its press release having made a “strategic entry” into the renewable energy segment with the acquisition of Photosol whose “timing was particularly interesting in the context of the gas shortage announced following the Russian-Ukrainian crisis.”
“With the development of a pipeline of projects of more than 3 GW, Photosol should contribute to the growth of the profits of Ruby in the medium and long term. The necessary investments will be financed by dedicated indebtedness at the project level, without recourse to Photosol”, adds the specialist in energy storage and distribution infrastructures. Ruby adds that its historical activity, which generates strong cash flows “will continue to support both the dividend policy and the accretive acquisitions in all the divisions of the group.”
Good earnings growth expected by Ruby
Net income for the half-year (group share, excluding divested businesses and non-recurring items) reached 169 million euros, up 17% year-on-year. “Half-year results show excellent operational performance across all regions. The Caribbean region was the main driver of growth, driven by the recovery in mobility, and delivered results above expectations,” explains Ruby.
For the whole of 2022, Ruby is confident in its ability to generate good growth in its results, “although the basis of comparison is in the process of normalization and despite macroeconomic uncertainties.”
On the stock market, the message is obviously well received, Ruby occupies the list of the strongest increases of the SBF 120. The title takes up 6.1% to 24.04 euros, around 10:30 am but still yields nearly 12% since the beginning of the year.
Sabrina Sadgui – ©2022 BFM Bourse