Basque region, 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 sales amounted to €519.9 million, increasing by 40.3 percent year on year, while its net profit amounted to €12.4 million compared to a net profit of €1.1 million recorded in the same period of the previous year. In the January-September period of this year, Tubacex’s EBITDA stood at €55.3 million with a margin of 10.6 percent.
According to Jesús Esmorís, Tubacex CEO, “Despite the macroeconomic uncertainty, there is a progressive revitalization of our activity. Therefore, short- term prospects in the sector are very positive with a large number of projects in the award pipeline, which envisage a recovery for 2019 and project a strong expansion in the sector at least by 2020 and 2021”.
By the end of the financial year, Tubacex expects a very significant improvement of results in relation to 2017 and to maintain the EBITDA margin in double figures.