Llodio Spain based stainless steel tube maker TUBACEX has presented its results for the first nine months of 2022 to the CNMV, in which the company’s recovery is consolidated. At the start of the year, TUBACEX set out to exceed the results obtained in 2018 and 2019, and it has already fulfilled its objective in the first nine months of the year, confirming that it will close the year better than initially foreseen. Thus, EBITDA stands at EUR 67.3 million, with profit before tax of EUR 20.3 million reflecting the company’s competitiveness in the current environment, marked by high inflation. The quarterly EBITDA has amounted to EUR 24.8 million, the highest since the last quarter of 2007, with a margin of 14.3% over sales. Sales between January and September 2022 have amounted to EUR 527.1 million, doubling those for the same period last year. It is also noteworthy that the positive rate of order intake has continued, which keeps the backlog above EUR 1,500 million, the highest ever. TUBACEX CEO Mr Jesús Esmorís said “it is undeniable that the current macroeconomic environment is extremely complicated, but our target sectors are now expanding after many years of under investment. These results reflect the progressive recovery of all the business units of the Group, thanks to the cost reduction plan carried out at a global level. The inflationary situation that we are experiencing is causing a general increase in all costs, the effects of which TUBACEX is at least managing to transfer to the market. TUBACEX has carried out different organic growth projects in key products that have been launched in 2022. One of the world’s main hubs for the production of Oil&Gas will be Guyana, so TUBACEX has a new production plant up and running in this country through its NTS subsidiary, with projects aimed at major clients, such as Exxon or Schlumberger. It also has operational presence in Kazakhstan, with an initial order from KPO – the joint venture between Royal Dutch Shell, Eni, Chevron, Lukoil and KazMunaiGas- that has been received and invoiced. It also has a local service and repair center in Brazil for the supply of OCTG to Petrobas, with the aim of improving the global value proposition in the country. These projects, along with the newly built plant in Durant (USA), have been launched over the past two years and enable the company to be closer to the end-users and diversify its global presence.