Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for the first nine months of the current year.
In the given period, the company’s consolidated sales amounted to €569.1 million, down 11.3 percent from €641.9 million recorded in the same period of 2023, while its net profit amounted to €14.2 million, down 48.9 percent year on year.
In the first nine months this year, Tubacex’s EBITDA was at €78.1 million, compared to the €93.8 million recorded in the first nine months of last year.
According to its statement, these results do not yet reflect anticipated margins from products manufactured under the contract with UAE-based energy company Abu Dhabi National Oil Company (ADNOC) or the contribution from the soon-to-be-operational Abu Dhabi plant, expected to provide further financial uplift in 2025. Tubacex will supply 30,000 mt of seamless tubes to ADNOC for gas extraction in the Middle East over the coming ten years, as SteelOrbis previously reported.
