Titan Cement International celebrates second consecutive record year

Greece-headquartered Titan Cement International (Titan) has announced record annual sales and strong profitability growth in all markets in a year marked by cost inflation and uncertainties.
Quarry Products / March 23, 2023
By Guy Woodford
Titan's Kamari cement plant in Viotia, Greece. Pic: Yannis Kontos

In its second consecutive year of record Group sales, Titan's full-year 2022 sales of €2,282.2mn were up 33.1% vs 2021, following a very strong Q4. Titan's EBITDA rose to €331.2m, with all regions posting a double-digit profitability increase. Dynamic pricing, cost-efficiency actions, and a favourable US dollar offset sharp rises in energy and distribution costs. The US and Greece represent over 70% of Group sales. Titan's strong Q4 2022 saw its quarterly EBITDA reach €96.7m vs €55.6m in 2021. It was the third consecutive quarterly EBITDA growth for the Greek Group. 

Titan achieved a decade-high annual specific CO2 emissions reduction (-5%) with higher use of alternative fuels and a lower clinker-to-cement ratio. Green products and solutions are now approaching 20% of sales volumes.

Marcel Cobuz
Marcel Cobuz, chairman of the Titan Group executive committee 


Management says Titan's market outlook is positive, given exposure to resilient markets in America and Europe. Large growth and logistics investments will be finalised in 2023.

Marcel Cobuz, chairman of the Titan Group executive committee, said: "The great performance results highlight the Group's ability to adapt to market conditions and activate effective growth strategies, driving positive financial performance mainly in the US and Europe, where we serve the majority of our customers and have close to 90% of our sales. They also underscore the Group's resilience, adaptability and commitment of all our great teams to transform the Group commercially and technologically while digitising our customer journey and decarbonising aggressively, delivering long-term value to all our stakeholders."

Michael Colakides, managing director of TCI & Group CFO, added: "We are proud we closed the year with record sales and the best EBITDA profitability performance for over a decade. All our regions posted double-digit profitability growth as our margins recovered, on the back of dynamic pricing and cost-efficiency actions outweighing the impact of cost inflationary pressures. Our improvement in debt leverage coupled with an active investment growth portfolio, continuous shares buyback, and the proposed dividend increase shows our confidence in the business model and growth profile of the company."

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