Tubeacex will earn 80% more in 2023, achieve record turnover and declare dividends of $14.5 million.

Tubesex Received assigned net profit in 2023 will be 36.3 million. It means that growth by 79.5% The company informed the National Securities Market Commission (CNMV) about the 20.2 million registered last year.

In a statement, Alava updated its Strategic planindicated that consolidated sales Groups reached 852.4 million, which means growth by 19.3% compared to 2022 – a “record” turnover figure.

The company emphasized that, despite the current situation “bearish” situation in commodity prices, “Good positioning” among strategic customers, together with an optimal product range, led to “a significant increase in sales and structural profitability of the Group.”

(Industry improves after ‘terrible year’: gas demand rises 30%, but far from pre-war levels)

In particular, he emphasized that “good evolution” Gas mining and production and geographical regione Asia and the Middle East. At the same time, he emphasized that “good positioning” of strategic clients, combined with a policy of concluding long-term agreements, makes it possible to consolidate profitability at target levels.

He accumulated EBITDA increased to 125.2 million, which is 35.6% more than in 2022, while EBITDA margin amounted to 14.7%. Both indicators are at the highest level in the history of Tubecex. and added that in the case of Ebitda margin, it peaked at 14.9% in the last quarter of the year.

“Good market dynamics made it possible to consolidate the growth of this variable to record levels,” he emphasized.

“These positive results, which are also recorded in complex macroeconomic and geopolitical environment with great uncertaintyWe will highlight and confirm the success of the Group’s strategic commitments, and strengthen its role as a key player not only in the energy transition, but also in securing energy supply.”

As he noted, expectations remain “good” for 2024 and, therefore, the new strategic goals announced in November are expected to be achieved. Order flow remains strong, allowing the order book to reach 1.6 billion and “ensure business visibility in the coming years.”

He Tubecex CEO Jesús Esmoris indicated that the group “ends 2023 with levels that have never been achieved in terms of results.”

Moreover, “despite the challenges of a fairly complex macro and geopolitical context,” they expect the first half of 2024 to be in line with the previous year. “with growth potential in the second half of the year and deposit levels that will allow us to forecast growth in 2025.”

Of the total billings, 35% of Tubecex Group’s product revenue came from Industrial24% in exploration and production gas19% comes from exploration and production Oil; 15% of New markets and 7% power generator.

In terms of final sales destinations, there is greater geographic diversification of revenue sources, with 43% of sales coming from Asia and Middle East33% in America 21% in Europe and the remaining 3% in Africa.

On the other hand, Tubecex continued the trend deleveraging and “strengthening financial power“And thanks to this, the debt ratio at the end of December is 2.2 times and is expected to decline in future periods.

In addition, he emphasized that he has liquid position above 300 million. And all this despite the fact that part of the funds received was used to purchase a minority stake in Saudi Arabiaacquisition of a share in Norwaystart of investment in the plant Abu Dhabi and payment of dividends related to the results of 2022.

These operations, together with capital costs, meant cash outflow of 55 millionalthough it indicated that the Group’s “strong” cash generation ability allowed net financial debt to stand at $280.7 million as at 31 December.

By business division, Oil and gas exploration and production (upstream) remains strong in the period under review. Deepwater operations in Brazil continue and further growth in offshore operations is expected. Petrobras in the coming months with complete solutions delivered from Tubacex’s base in Macae, Romania.

Also noteworthy is the progress in construction new OCTG-CRA plant in Abu Dhabi as part of a project signed with ADNOC.

When Oil and gas exploration and production (subsea)The Group ends 2023 with a strong pipeline of orders and key strategic projects across five continents. In addition, work continues on strategic agreements with major umbilical manufacturers.

In the industrial segment Middle and downward flow the final quarter of the year saw a “reinvigoration” in the awarding of major projects, particularly in the Middle East and Asia. In addition, industries LNG and gas processing They maintain a high level of activity and visibility, especially in North America and the Middle East. IN Energy generationTubecex separates itself from traditional coal and reorientation to the economy circular and energy transition.

The company indicated that activity in the second half of the year was focused on Atomic industryespecially in Europe, where “dynamism” remains and where the Group “is very well positioned and has good expectations for the coming years.” Likewise, Tubeacex also has “promising” prospects for future SMR reactors, especially in Canada, USA and Europe.

In addition, the company continues to implement projects for factories. power generation using USC technology in China and India. IN Low carbon“great dynamism” is felt in the acquisition CO2 Capture, Use and Storage (CCUS) Orders both in USA how in Malaysiawhere the first order was captured.

He also emphasized the “good positioning” of the division. Tubakout which continues its global growth, with important orders in the USA and the Middle East, which has enabled the implementation of several projects in Saudi Arabia (SATORP and Jazan). The turnover target for this division is to reach 100 million euros in 2027.

In new markets, strong demand growth is observed in sectors such as aerospace

and in this last quarter, it has formalized several high value-added orders for the industry fertilizers.

New strategic plan

In relation to the new NT2 Strategic PlanTubecex highlighted that it has achieved most of its 2025 targets in the current Plan two years ahead of schedule.

Last November, the company also announced its goal of achieving sales of 1,200-1,400 million and Ebitda of over 200 million by 2027. With this, the Group is “exponentially accelerating its growth expectations over the next four years.”

As noted, all this will be achieved while maintaining “financial strength and a healthy balance sheet”, as has been the case so far. In this sense, Tubeacex will maintain its progressive financial deleveraging trend throughout the period and expects to reduce its debt ratio below 2x by the end of 2027. .

In this context, he emphasized that he would continue “attractive” shareholder remuneration policy and proposed to distribute gross dividends of 14.5 million, representing a 40% payout.