Tubacex nearly doubles profit before tax and reduces debt by 22% in 2014

TUBACEX, the leading manufacturer of seamless stainless steel tubes worldwide, obtained a profit before tax of 32.6 million Euros in 2014, which implies nearly doubling the figures of 2013 (+96.6%), according to the information sent by the company to the Spanish Securities Exchange Commission (CNMV).

The development of operational excellence programs and the increased sale of Premium Products “has allowed us to reach very positive results, despite an unfavorable market environment”, said TUBACEX CEO, Jesús Esmorís.

Thus, the progress in these two strategic lines has placed the gross operating profit (EBITDA) at 64.1 million Euros, implying an increase of 25.1% against 2013. The EBITDA margin for the year stood at 11.7% (9.3% in 2013), complying and vastly overcoming the goals set for this phase and nearly reaching the strategic goal of 12% expected for Phase II of the Strategic Plan.

On the other hand, the operating profit (EBIT) has increased by 38.5%, reaching 43.7 million Euros. The EBIT on sales margin stands at 8%, compared with 5.7% in 2013.

The value of consolidated sales for the year has reached 546.7 million Euros, a figure quite similar to the one registered in 2013.