Titan Cement Group says it has achieved record first-nine-month earnings fuelled by robust sales in its main markets.
Group sales increased by 14% to €1,892mn, with Group EBITDA at €397mn, up 72%. All regions recorded double-digit profitability growth due to increased sales volumes and pricing momentum, operational efficiencies including digitalisation in manufacturing, improved energy mix and contained energy costs. Net profit for the first nine months 2023 more than doubled to €198mn.
In Q3, the Group achieved a lower clinker-to-cement ratio (76.9% vs 78.4% last year) and a record-high alternative fuel utilisation (19.1%, +2 ppts), leading to a year-on-year reduction of 2.1% in net specific CO2 emissions.
MSCI again recognised TITAN as a leader in ESG (Environmental, Social & Governance), granting for a third year the ESG rating of ‘AA’.
The Greece-headquartered Group maintains its positive outlook for the year, given the demand levels across its strategic geographical footprint, firm pricing, and further cost performance improvements.
