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Tubacex opens a new stage and anchors its goal of 1.4 billion in revenue in Abu Dhabi

Date: February 23, 2024 Time: 13:04:46

Tubacex kicks off a new stage. The producer of seamless tubes presented this Wednesday an update to its strategic plan that extends its validity from 2025 to 2027 with improvements in the business guides. The Basque group aspires to bill between 1-200 and 1,400 million within four years, compared to the range of 1,000-1,200 million previously planned, with an EBITDA of 200 million, figures that rest on the historic contract in Abu Dhabi with the oil company. ADNOC state for ten years, valued at around 1,000 million euros.

Within the framework of the celebration of its ‘Capital Markets Day’, the company has anticipated that it will close this 2023 with a turnover of 900 million and that its debt objectives include not exceeding twice as much in EBITDA, a gross result of exploitation that is around 120 million and an ebitda debt ratio of 2.5%, half the rise in the price of nickel. However, shareholder remuneration will remain unchanged with a pay-out ratio of between 30 and 40%, as explained by the financial director, Guillermo-Ruiz Longarte.

With the presentation of this roadmap called ‘NT2’, which means ‘New Tubacex, New Transition’, they seek to accelerate their evolution from a tube manufacturer to offering industrial solutions, focused on decarbonization, in such a way that oil and gas do not They represent more than a third of its activity at the end of this program. The transition of this business is supported by ‘Low Carbon’, a recently created area, which can become the main unit of a “future”. In this sense, they predict that it will contribute 100 million to EBITDA by 2027.

Miguel Gómez, the director of the carbonization area, has explained that the drive for this segment will be articulated around pillars such as the circular economy, hydrogen, as well as the capture and storage of CO2. On this basis, they also plan to promote investments in sectors such as aerospace or nuclear, although at the moment they have “important” investments in gas, which is where their products have the most applications.

Regarding the formation of the new Government, Jesús Esmorís, CEO of the group, has highlighted that although Spain’s contribution to Tubacex’s business barely represents 1%, “which does not affect our numbers, he has made a call for” “Improve” the treatment received by Moncloa to the industrial sector. “We have not been a priority in these last four years.”

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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