Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for the first half of the current year.
In the given period, the company’s sales amounted to €360.6 million, increasing by 49.4 percent year on year, while its net profit amounted to €6.7 million compared to a net profit of €1.9 million recorded in the same period of the previous year. In the first half this year, Tubacex’s EBITDA stood at €35.6 million with a margin of 9.9 percent.
Tubacex stated that, three years after the worst crisis ever to hit the oil industry, its results have started to improve due to the ongoing efforts to adapt its cost structure to the current environment and order backlog performance. The company’s net financial debt was reduced by €13.6 million and €23.3 million with respect to the end of 2017 and the first quarter of the year, respectively; and stood at €239.9 million at the end of June.