Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for the first quarter of the current year.
In the first quarter, the company’s sales totaled €131.3 million, increasing by 8.2 percent year on year, while it registered a net profit of €2.8 million compared to a net loss of €500,000 million in the same quarter of 2016. Tubacex's EBITDA stood at €13 million, rising by 67.9 percent year on year, with a margin of 9.9 percent.
According to Tubacex’s statement, increasing its presence in markets in which higher demand is expected has been and continues to be a priority issue for the company, whereby it is committed to strengthening its presence in Asia, which currently represents 60 percent of its sales. For this reason, the company established TUBACEX Awaji Thailand, a joint venture with the Japanese company Awaji, to strengthen its leadership in fittings, while distribution and service centers were opened in Dubai, Iran and India.