Compagnie de l'Odet, a diversified conglomerate with interests spanning oil logistics, communications, and industry, has reported its financial results for the third quarter of 2024. Despite the ongoing market volatility, the Group has managed to deliver a solid performance, showcasing the resilience of its business model and the strategic foresight of its leadership team.

Navigating Turbulent Times with Agility and Resilience

Steady Revenue Growth Across Key Segments

Compagnie de l'Odet's revenue for the third quarter of 2024 stood at 5,558 million euros, representing a 2% increase on a constant scope and exchange rate basis. This growth was driven by strong performances across the Group's core business segments, including oil logistics, communications, and industry.In the oil logistics division, revenue grew by 2%, buoyed by higher sales volumes, despite the impact of lower petroleum product prices. The communications segment, anchored by Vivendi's portfolio of media and entertainment assets, including Lagardère's robust performance, saw a 2% uptick in revenue. The industry division also delivered a solid 7% revenue increase, primarily due to the resumption of bus deliveries to the RATP.

Sustained Momentum in the First Nine Months of 2024

The Group's revenue for the first nine months of 2024 reached 16,149 million euros, representing a 4% increase on a constant scope and exchange rate basis. This growth was underpinned by the continued strength of the communications segment, which saw a 5% revenue increase, driven by Lagardère's performance and Groupe Canal+'s growth in its core business activities.The oil logistics division experienced a 3% revenue decline during the period, primarily due to lower petroleum product prices, while the industry segment recorded a 16% revenue increase, bolstered by the resumption of Bluebus deliveries to the RATP and growth in the Systems business.

Streamlining Operations through Strategic Mergers

Compagnie de l'Odet has also been actively engaged in streamlining its corporate structure, with the completion of the simplified merger of Compagnie de Cornouaille into Bolloré SE. This move has resulted in Bolloré SE directly holding the stakes in Universal Music Group (UMG) and Vivendi, previously held by Compagnie de Cornouaille.These strategic mergers, which were finalized in October and November 2024, are expected to enhance the Group's operational efficiency and financial flexibility, positioning it for continued growth and success in the years ahead.

Navigating Challenges, Embracing Opportunities

Compagnie de l'Odet's performance in the third quarter and first nine months of 2024 underscores the Group's ability to navigate challenging market conditions and capitalize on emerging opportunities. By leveraging its diversified business model, the Group has demonstrated its resilience and adaptability, ensuring that it remains well-positioned to deliver sustainable value for its stakeholders.As the global economy continues to navigate uncertain waters, Compagnie de l'Odet's steadfast commitment to operational excellence, strategic investments, and organizational streamlining will be crucial in driving its future growth and solidifying its position as a leading conglomerate in the years to come.