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 €353.8 million, doubling the level recorded in the same period last year, while its net profit amounted to €10.4 million compared to a net loss of €28 million recorded in the same period of the previous year. In the first half this year, Tubacex’s EBITDA stood at €42.5 million with a margin of 12.0 percent.
Meanwhile, Tubacex will supply 30,000 mt of seamless tubes to UAE-based energy company Abu Dhabi National Oil Company (ADNOC) for gas extraction in the Middle East over the coming ten years, as SteelOrbis previously reported. Additionally, Tubacex will build a new tube and thread manufacturing plant in Abu Dhabi, the first manufacturing facility for OCTG manufacturing in the Middle East, expected to be operational in 2024.
According to the company, the general macroeconomic environment is uncertain, with significant increases in costs, particularly for raw materials and energy. In spite of the necessary caution in light of the economic situation in the coming quarters, Tubacex confirms its forecast of achieving results in 2022 above those obtained in 2018 and 2019.