Q4 2024 Tubacex SA Earnings Call Transcript
Key Points
- Tubacex SA (XMAD:TUB) signed a strategic agreement with Mubadala, contributing $200 million in capital and enhancing influence in the Middle East.
- The introduction of the Sentinel Prime connection, developed over 8-9 years, is expected to reposition Tubacex in the OCTG market.
- Significant orders from Petrobras have been secured, ensuring a strong pipeline for future years.
- The company ended the year with sales of EUR767 million and an EBITDA of EUR107 million, marking the second-best result in its history.
- Tubacex SA (XMAD:TUB) has strengthened its balance sheet with a liquidity of over EUR330 million and a net financial debt reduction to EUR255 million.
- The non-sale of the ADNOC product has significantly increased working capital to EUR310 million, impacting financial results.
- Sales have been affected by the average price of nickel, which was 21.5% lower than the previous year.
- The industrial sector, related to GDP, experienced a low year, impacting traditional product sales.
- The US drilling sector faced a slowdown due to the election year, affecting sales in that region.
- The company's share price experienced a drop from EUR3.5 to EUR2.7 during the year, although it recovered to EUR3.25 by year-end.
Good morning and welcome to this results presentation. My name is Raquel Rick, and I'm responsible for Investor Relations. I'm with Jesús EsmorÃÂs, CEO for the group and Guillermo Ruiz-Longarte Perez, the CFO. We are first going to give a brief presentation on the results and landmarks for the year, and then we're going to move on to the Q&A. I'd like to remind you that questions can only be asked in writing for that. You can use the tool that's been made available on the webcast. And now hand over to Jesús EsmorÃÂs.
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Thank you, Raquel. Good morning, everyone, and thank you very much for attending this results release for the TUBACEX Group.
2024 has been an extremely important year, a year where we have met many landmarks, many of the goals we've set ourselves, and a year whose landmarks are going to determine the future of this company. On the one hand, the signing of the strategic agreement with Mubadala. A partner
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