TUBACEX has recently declared that it is increasing its market share in high value-added Premium products, and is significantly improving operationally in a market that continues to be extremely unfavorable. Its sales in the first nine months of the year have increased to EUR 366.2M, which represents 11.7% less than in the same period in 2015, in an environment of global crisis that is affecting the oil sector in particular. The gross operating result (EBITDA) is EUR 30.4M, down 27.2%. However, the EBITDA for the third quarter has grown by 29.6%, standing at EUR 10.5M, which is the third consecutive quarter of increased margin and a return to double digits following four quarters below this figure. Only the EBITDA of the third quarter stands at 10.1%, the highest for the past year.
According to Jesús Esmorís, CEO of TUBACEX, “we are working in three key areas: product improvement, operational improvement and management excellence, and in cost adjustment to the new level of sales, considering that they are 30% below the market prior to the crisis. We are accelerating our strategic investments because we believe in the future growth potential of our results”. The Group’s forecasts for the last quarter of the year are similar to those of the third quarter, “characterized by a better invoiced mix thanks to the Premium orders obtained but with a small volume and price pressure in the rest of the products”, according to Esmorís. “Our objective is still to close the year with a positive cash flow”, he concluded.
