Tubacex obtained a net profit of 10 million euros in the first quarter of the year, a figure that almost triples that of the same period in 2022, when the company earned 3.4 million euros, the company reported this Friday.

The group has highlighted that between January and March 2023 it achieved “the best quarterly results in its history” both in sales and in terms of its gross operating result (Ebitda) and in order capture.

Specifically, Tubacex’s sales figure reached a record figure of 232.2 million euros, 46.9% more than in the first quarter of 2022, while its Ebitda stood at 30.5 million euros, 60% above that registered a year earlier.

In turn, the Ebitda margin on sales was 13.1%, which, according to the company, “consolidates” compliance with its strategic profitability objective.

Tubacex has also highlighted that the first quarter of 2023 was “historic” in terms of capturing orders, which allowed it to maintain its portfolio at a record level, of 1,650 million euros.

Tubacex cut its net financial debt in the first quarter by 0.3 million euros, while its leverage ratio dropped to 2.8 times over Ebitda, “anticipating compliance with the target set for 2025”, as highlighted by the cluster.

The company has indicated that this reduction in indebtedness has occurred in a context of growth in billing and the containment of working capital, in which Tubacex “has also managed to meet in advance” the strategic objective of reducing working capital over sales , placing it at 29.1%.

“The beginning of 2023, driven by a dynamic energy market in terms of investment and visibility, has confirmed the company’s forecasts, consolidating the recovery of results in all its key indicators”, the company remarked in a presentation sent to the Commission National Stock Market (CNMV).