Basque Country, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for 2012. Net profit totaled €11.86 million in the given period, up from €3.66 million in the previous year, continuing the upward trend that began in 2011 and that has been steadily climbing throughout 2012.
In 2012, sales revenues were up 9.4 percent year on year to €532.42 million. Meanwhile, the company's EBITDA increased by 68.3 percent year on year to €45.78 million.
According to the Tubacex's statement, the company's order intake maintained its positive trend in 2012, with a 12 percent year-on-year growth. This improvement in demand was seen in the orders for new investment projects as well as in the tube distribution sector. Tubacex highlighted the good performance of the order intake of tubes for oil and gas exploration and extraction and for power generation, which are high value-added products that have increasing importance in the group's sales portfolio.
Tubacex also stated that during the last quarter of 2012 its new manufacturing facilities for tubes for oil and gas exploration and extraction have partially began operations at the Amurrio plant. Once these facilities are finished in 2013 they will double the company's OCTG tube production capacity.
For 2013, Tubacex has a positive outlook in terms of demand of high value-added tubes and in the operational improvement of its production plants.