TUBACEX has presented its results for the Q1 of 2019 to the CNMV, in which it has obtained sales of €143.5 M, down 14.8% on the same period for the previous year. Profit stood at €1.8 M at the beginning of a year marked by the market recovery, with very good prospects in high value-added product segments and record intake for umbilical tubes.
This overall improvement has led to an increase in operating leverage ratios, which has enabled the EBITDA margin to be increased to 9.9%, with an EBIDTA of €14.3 M, down 9.5% on the same period in 2018.
The working capital closed March at €244.4 M, up €22.2 M on the close of 2018. This increase is due to three reasons: the nickel stocks for an important OCTG project canceled at the end of 2018 and which will be assigned to diverse projects in 2019; the pre-manufacturing of slabs for the umbilical tube sector during the last quarter of 2018, which has enabled competitiveness to be increased and delivery times reduced; and finally, the overall increase in activity in all units of the group.
