In the H1 of 2019, the TUBACEX order intake has increased by 40%. Sales amounted to €323.5 M and the EBITDA stood at €33.3 M with a margin of 10.3%, which is higher than the margin in the same period of the previous year. Profit amounted to €5 M.
The working capital has closed the half-year at €236.8 M. It must be remembered that this figure includes extraordinary effects conditioned by three essential reasons: nickel stocks purchased at a lower value than the current market value, which provides a significant competitive advantage as it is being assigned to current projects; the pre-manufacturing of mother tubes for the umbilical tube sector which has increased competitiveness and reduced delivery times and hence achieved record order figures for this product; and finally, the overall increase in activity in all units of the Group.
TUBACEX is immersed in the final phases of the award of unique orders, so the second half in line with that of the first is foreseen which, along with the continued gradual market improvement, will lead to a year-end with record intakes.
