TUBACEX has recently reported its financial results for the fiscal year 2018, with an EBITDA of €69/6M, which is the highest since 2008 and represents 2.7 times the result obtained in the previous year. Sales amounted to €677.3M, rising 38.1% over the 2017 figure and with a profit figure of €17.4M.
TUBACEX has continued to improve its positioning in key sectors with the establishment of three important strategic alliances and partnerships in high-growth markets. In this context, it is worth highlighting our alliance with the company Tubes 2000 for the development of nuclear energy in Egypt, the agreement signed with the Indian company Midhani to handle energy growth in India and the recently announced Joint Venture with Senaat, Abu Dhabi’s state-owned investment group, for the deployment of Oil & Gas projects in the Middle East.
These three alliances, along with a firm commitment to develop high technological value products and services are enabling TUBACEX to emerge stronger from the longest crisis in the oil sector.
Working capital for the year closed at €221.2M, €28.2M more than at the end of 2017, due to an increase of almost €60M in the Group’s stocks as a result of two factors: higher nickel stock and an increase in products in progress. The first factor is directly linked to the purchased and unconsumed nickel corresponding to the currently suspended OCTG project for Iran, which will be allocated to various projects during 2019. Regarding the second factor, the Group began umbilical tubes pre-manufacturing during the last quarter of the year with the aim of boosting competitiveness and reducing delivery times. This strategy has enabled TUBACEX to achieve significant orders for this tube at the end of 2018.