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Edge12 Jun 2026
Set in Stone: The Story of Richemont
From a South African tobacco company to Cartier, a deep dive into how Richemont built one of the world's leading hard luxury empires.
Saras
Saras (SRS) investor relations material
Saras has been delisted
Saras Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary31 Jul, 2024
Executive summary
H1 2024 comparable EBITDA reached €288.5 million, with net results at €126.6 million; Q2 2024 comparable EBITDA was €90.5 million and net results €29.7 million, reflecting higher production, improved diesel cracks, and a lighter maintenance plan compared to Q2 2023.
H1 2024 revenues rose 9% year-over-year to €5,908 million, with Q2 2024 revenues up 47% to €2,877 million.
Net financial position (pre-IFRS 16) was €10.7 million as of June 30, 2024, down from €202.7 million at end-2023, mainly due to dividend payout and working capital absorption.
Vitol, via Varas S.p.A., acquired 35% of shares, triggering a mandatory tender offer and potential delisting, marking a new strategic phase.
Group capex for H1 2024 totaled €79.9 million, mainly for maintenance and renewables investments.
Financial highlights
H1 2024 reported EBITDA was €275.2 million (down 2% year-over-year), with Q2 2024 reported EBITDA at €97.7 million (up sharply from €35.6 million in Q2 2023).
Comparable net result for H1 2024 was €126.6 million (down 9% year-over-year); Q2 2024 comparable net result was €29.7 million (vs. a loss of €22.3 million in Q2 2023).
Dividend payout in H1 2024 was €142.2 million.
Net financial position (pre-IFRS 16) decreased from €202.7 million at Dec 31, 2023, to €10.7 million at June 30, 2024.
H1 2024 group capex was €79.9 million, with €72.4 million in Industrial & Marketing and €7.4 million in Renewables.
Outlook and guidance
Annual crude processing expected at 13.2–13.5 Mton (96.5–99 million barrels), with power generation at 4.0–4.2 TWh.
Saras premium margin guidance confirmed at $3.5–4.5/bbl above EMC Reference Margin, with risks skewed to the mid-low end.
FY 2024 capex confirmed at €170–180 million, including energy transition investments; Renewables at €13 million.
Net financial position expected to remain positive at year-end.
Margin outlook for H2 2024 is lower than previously forecasted but remains above historical averages.
Explain H1'24 Industrial & Marketing EBITDA.
Why is H2'24 margin outlook lower?
Discuss the outlook for sour grade availability.
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