Companies category powered by

TITAN: Record earnings with strong sales growth for 2023

TITAN Group has reported record earnings on strong sales growth while announcing the financial results for the fourth quarter of 2023 and for the whole of last year.

TITAN Group is an international cement and building materials producer. The seat of effective management of the company is in Cyprus.

On the Group's financial results, according to an official announcement from the company, net profits amounted to 268.7 million euros in the fiscal year 2023, EBITDA reached record levels in 2023, at 540.3 million euros, while for 2023, a dividend distribution of 0.85 per share is proposed, increased by 42% compared to 2022. The outlook for 2024 is positive.

In particular, the key figures from the financial results of the fourth quarter and the results of the year 2023, announced by Titan Cement International SA, are as follows:

  • Third consecutive year of record sales of €2,547m, up 11.6%. The USA and Europe contributed over 90% to the Group's sales and profitability.
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) reached record levels in 2023, €540.3m (up 63.1%), with enhanced profit margins. All geographies recorded strong profitability growth, driven by increased sales, enhanced pricing and improved energy cost management performance.
  • Net profit after taxes and minority rights (NPAT) more than doubled and reached €268.7 million (+145%), while earnings per share were €3.6 per share. The return on average capital employed ( ROACE ) amounted to 16.9%.
  • The leverage ratio decreased to 1.2x, while net borrowing decreased by €137m to €660m, despite high investment costs, which were aimed at projects to increase capacity, improve the energy mix and logistics . The rating agency Standard & Poor 's upgraded the credit rating to "BB with a positive outlook" and the Fitch rated "BB+".
  • CO 2 emissions were reduced by 11 kg to 608 kg / t of cementitious product due to the increased use of alternative fuels and the reduced clinker-cement ratio. The percentage of green products increased to 23.4%.
  • The Group was included for a consecutive year in the companies rated "A" by CDP and rated "AA" by MSCI ESG, which confirms the pioneering role of the company in issues related to corporate transparency and climate change.
  • The TITAN Group has signed a €234 million grant agreement with the EU Innovation Fund for the pioneering carbon dioxide capture project " IFESTOS " to be implemented in Greece.
  • The digital transformation is accelerated, achieving an increase in productivity and a reduction in energy costs. Real-time production optimization (RTO) systems installed in most factories while failure prediction systems in all.
  • For 2023, a dividend distribution of €0.85 per share is proposed, increased by 42% compared to 2022.
  • The outlook for 2024 is positive, targeting improved sales and prices in our strong markets in the US and Europe. The completion of new investment projects will improve profit margins.

Commenting on the results, Marcel Cobuz, Chair of the Group's Executive Committee stated, "The outstanding performance reflects the Group's continued focus on implementing its strategy, outperforming the market while aiming for further growth. In 2023, we strengthened our presence in key growth markets, achieved significant efficiency improvements and expanded the solutions we provide, responding to the growing and evolving needs of our customers. The results come from the experience of our people who work hard aiming for continuous growth and have helped the Group achieve these outstanding performances. We are proud of these achievements as we continue our journey towards digital transformation and carbon footprint reduction, leveraging our 'Strategic Green Growth Directions' and delivering long-term sustainable value to all our stakeholders."

On his part, Michalis Kolakidis, CEO of TCI and Group Financial Director stated, "Looking at the year that has ended, we are proud to have achieved record sales and profitability. Despite global macroeconomic challenges, all geographies in which we operate again recorded strong EBITDA growth rates, thanks to increased sales, strengthened pricing, improved operating efficiency and improved energy cost management. We halved our net debt to EBITDA ratio and achieved higher returns for our shareholders. At the same time, we continued to implement our investments in development and energy efficiency projects and logistics, which confirm the Group's commitment, dynamics and development strategy."

Read More

Infocredit Group and LexisNexis Risk Solutions expand partnership to cover North America
Wizz Air, Animagnet and Galatia Vasiliades, deliver special Athens to Cyprus journey
Sophic has secured over 80% of the latest issue of Republic of Cyprus T-bills for its clients
The key players in Cyprus tourism
Winners of the Quadcode HackAIthon 2024 announced
Ellinas Finance founder and chairman Emilios Ellinas has died
Freedom Holding Corp. reports record results for FY2024
Cypriot Tony Kouzarides awarded British Knighthood for Services to Healthcare Innovation and Delivery
Mall of Cyprus holds MoonRun 2024
Marina Hadjimanolis: Our ultimate goal is to provide quality services to all shipping companies