Synopsis
Tubacex, a global leader in industrial products for energy and mobility, has outperformed its 2022 results in just the first nine months of 2023. With a notable increase in sales and profits, the company's performance reveals a positive outlook for the end of the year and provides a glimpse into 2024.
Article
Tubacex has set a new benchmark by exceeding its 2022 financial results within the first nine months of 2023. According to reports, the company's profit before taxes rose to $38.9 million, displaying a 6.1% margin on sales.
Sales in the period from January to September 2023 surged to $641.9 million, marking a 21.8% growth compared to the same timeframe last year. Additionally, the EBITDA for the nine-month stretch amounted to $93.8 million, showing a 39.3% jump from last year and settling at an EBITDA margin of 14.6%.
Tubacex has not only performed well in a financial sense but has also managed to keep its order backlog robust at $1,630 million. This provides a positive outlook for the remainder of 2023 and lends some visibility into what 2024 might look like, especially with the company's strategic focus on low-carbon products.
This impressive performance comes against the backdrop of an uncertain macroeconomic and geopolitical environment. Yet, all units of Tubacex have posted positive results, reflecting the company's strategic commitment and resilience. The CEO, Jesús Esmorís, pointed out that these achievements confirm that 2023 will be a historic year for Tubacex in terms of results.
On the financial stability front, Tubacex has strengthened its position with $131.3 million in cash and a total liquidity position of $204.4 million. This strong financial footing has allowed the company to make strategic acquisitions and investments.
The company’s commitment to sustainability and energy transition has also been noteworthy. With an A- sustainability rating from the Carbon Disclosure Project (CDP), Tubacex is solidifying its role as a key player in the energy sector and low-carbon technology.
Conclusion
Tubacex has set new standards by exceeding its previous year's performance in just three quarters of 2023. The positive results and strong financial position make it clear that the company is on track to meet its strategic objectives. Furthermore, Tubacex's strong commitment to sustainability sets a precedent in the industrial sector, making it a company to watch for future developments.
