Rubis Impacted by Supply Chain Tensions in Morocco
Economy
Rubis has closed the first quarter of 2026 with a significant increase in activity, driven by energy distribution.
In this dynamic, Morocco stands out as one of the closely followed markets by the group, despite temporary constraints on GPL activity due to difficult weather conditions.
The French group reported a quarterly revenue of €1.792 billion, up 6% year-on-year.
Energy distribution, the main driver of activity, generated €1.780 billion, compared to €1.687 billion in the first quarter of 2025.
Distributed volumes increased by 12%, to 1.768 million cubic meters.
The Africa region recorded the strongest revenue growth in Retail & Marketing.
Its revenues reached €712 million in the first quarter, up 15% from €621 million a year earlier.
Volumes sold in the region increased by 7%, while the gross margin rose by 20%, to €82 million.
In Morocco, Rubis indicates that GPL sales were penalized at the beginning of the year by supply chain difficulties.
Adverse weather conditions temporarily disrupted maritime operations and reduced product availability during the first part of the quarter.
The group notes that these effects have gradually dissipated towards the end of the period.
This situation did not prevent Rubis from showing a global increase in its margins.
The gross margin of Retail & Marketing for all products reached €247 million, up from €219 million in the first quarter of 2025.
Bitumen recorded the strongest dynamics, with volumes up 44% and a gross margin up 49%.
GPL also continued its growth at the group level.
Volumes increased by 5%, to 395,000 cubic meters, while the gross margin improved by 9%, to €93 million.
Rubis attributes this evolution to sustained demand and a generally favorable commercial dynamic, despite contrasting situations in different markets.
The group asserts that it has not been significantly impacted by the conflict in the Middle East on its operations, stocks, or its ability to supply its clients in March 2026.
Rubis emphasizes that it does not have operational activity in the region and relies on a diversified geographical presence, with regional supply chains organized.
In renewable energies, photovoltaic activity continues to develop.
The revenue from renewable electricity production reached €12 million, up 12%.
The secured portfolio progressed by 32% compared to March 2025, reaching 1.5 GWc.
Rubis confirms its objectives for 2026.
The group's managers estimate that the quarter reflects the solidity of the energy distribution platform and the quality of operational execution, despite an increasingly tense international environment marked by geopolitical tensions.