Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for 2016.
In the given year, the company registered a total turnover of €494 million, decreasing by 7.4 percent year on year, while it recorded a net profit of €500,000 decreasing from a net profit of €8.4 million in 2015. Tubacex's EBITDA stood at €34.9 million, declining by 28.6 percent year on year, with an EBITDA margin of 7.1 percent.
Tubacex’s CEO Jesús Esmorís stated that in the current year the company expects a gradual recovery in order intake thanks to its good market position and the activation of projects driven by the stabilization of oil prices. According to Mr. Esmorís, although most of the above projects will be carried out in 2018 and, thus, their impact on results will be very limited this year, should order intake materialization be as good as expected, visibility for forthcoming years will experience major growth.