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 €168.5 million, increasing by 28.3 percent year on year, while it registered a net profit of €2.9 million compared to a net profit of €2.8 million in the same quarter of 2017. Tubacex's EBITDA stood at €15.8 million, rising by 21 percent year on year, with a margin of 9.4 percent.
Jesús Esmoris, Tubacex's CEO, stated that they are efficiently transforming the industrial structure of the group allocating the manufacture of different products according to each plant's capabilities. According to Mr. Esmoris, this transformation involves major investments in the company’s Indian plant to undertake part of the production manufactured in its European plants, as part of the company's strategy to dedicate European and American plants to high value-added solutions, and Asian plants to the manufacture of conventional products. In this context, the company is making significant investments in the US to reduce exports of products from other group plants, thus increasing local manufacturing, while reducing its exposure to possible protectionist policies, Mr. Esmoris added.