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 €370.5 million, rising by 1.2 percent year on year, due to its high value-added products segments, while its net profit decreased by 66.4 percent to €1.1 million compared to the same period of the previous year. In the January-September period of this year, Tubacex’s EBITDA stood at €24.2 million, down 20.5 percent year on year, with a margin of 6.5 percent.
According to the company’s statement, the continued reduction in investments throughout the entire value chain of the oil and gas sector is leading to a significant fall in volumes and serious pressure on prices. This situation has led to a dramatic reduction in projects awarded in this sector, which has had an impact on demand over the next few months. In such a depressed market context, Tubacex has managed to achieve a positive net profit of €1.1 million between January and September.
Jesús Esmorís, Tubacex’s CEO, stated that the gradual increase in the company’s market share in high value-added products, operational improvements and constant efforts to control costs are its pillars in order to maintain its results and enable it to present positive net profit even in the current market environment.