Titan Group toasts strong first quarter & looks ahead to positive full-year 2024

Greece-headquartered Titan Group made a strong start to the year, with Q1 year-on-year sales up 6.1% to €623.7 million thanks to increased demand across all products and pricing resilience.
Concrete Plants, Equipment & Applications / May 10, 2024
By Guy Woodford
Titan Group's Usje cement plant in North Macedonia. Pic: Titan Group

Furthemore, Titan's €109.8 million EBITDA in the first quarter was the eighth consecutive quarter of EBITDA growth.

Titan also accelerated its CAPEX programme and Strategy 2026 in Q1, marked by three additional bolt-on acquisitions in cementitious materials and aggregates and continued efforts to decarbonise, including IFESTOS, its flagship carbon capture and storage project in Greece, and first calcined clay project at Titan America's Roanoke plant in West Virginia.

The Group says it has a positive outlook for the year thanks to resilient demand, firm pricing, improved performance in energy cost management and operational efficiencies.

Titan Group made a strong start to 2024 with sales up 6.1% to €623.7 million . Pic: Titan Group

In a trading statement, Titan continues: "In the US, positive pricing trends and healthy volume levels were seen for another quarter, while domestic sales in Greece grew at double-digit levels. Thanks to a mild winter, Southeast Europe started the year with increased volumes coupled with higher profitability margins, though East Med sales increased while currency devaluations hit profitability. 

"Volume increases were recorded across all the Group's products, with domestic cement volumes growing by 3%, ready mix by 7% and aggregates by 2%. EBITDA in Q1 2024 reached €109.8 million, increasing by 2.5%, compared to a record Q1 2023, despite higher electricity costs in Greece and East Mediterranean, earlier planned maintenance outages in the US and devaluation of the currencies in the East Mediterranean. Net profit after taxes and minorities rose considerably to €52.4 million, up by 18.4%, supported by the increased EBITDA results, decreased finance costs and a better foreign exchange result.

"With a focus on sustainability, customer proximity and efficient resource use, we are pushing forward with growth investments aimed at expanding our operations and enhancing margins. Our 2024 outlook remains positive, driven by resilient volumes, sustained pricing and the successful completion of growth-oriented projects."

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