Titan Cement International (Titan) achieved record annual profitability for the third consecutive year in 2023, fuelled by strong sales growth.
The Greece-headquartered Group’s worldwide sales of €2,547 million were up 11.6%. The US and Europe contributed over 90% of Titan’s sales and profitability.
Titan’s record EBITDA 2023 performance of €540.3 million was a 63.1% year-on-year rise, achieving margin expansion. All regions posted double-digit profitability growth, thanks to increased sales across all main products, firm pricing, operational efficiencies and improved performance of energy costs.
Titan reduced specific net CO2 emissions by 11kg year-over-year to 608 kg/ton of cementitious product due to improved alternative fuel usage and a lower clinker-to-cement ratio. The Group’s green product sales share within overall sales reached 23.4%.
2023 was another consecutive year of Titan’s inclusion in the CDP’s ‘A’ list. The Group also achieved an ‘AA’ score in its MSCI ESG ratings, recognising its leadership in corporate transparency and climate change performance.
Last year, Titan signed a €234 million grant agreement with the EU Innovation Fund for its pioneering IFESTOS carbon capture project in Greece.
Titan’s Strategy 2026 execution was accelerated in 2023, with five acquisitions and partnerships adding access to reserves of more than 100 million tonnes of supplementary cementitious materials and more than 90 million tonnes of aggregates in attractive markets. The Group completed four investments through its Venture Capital initiative.
Tian also accelerated its digital transformation in 2023 with productivity improvements and reductions in energy consumption. As of the end of 2023, real-time optimisers and failure prediction systems were deployed in most plants.
Titan reports a positive trading outlook thanks to improved volumes and pricing in its attractive US and European markets. The Group says the completion of growth-oriented projects will result in further margin performance.
Marcel Cobuz, chairman of the Group Executive Committee, said: “This year’s remarkable performance showcases our relentless focus on executing our strategy, delivering above-market results while positioning for further growth. In 2023, we have strengthened our presence in our core growth markets, delivered efficiency improvements and broadened our solutions, serving our customers’ increased and evolving needs. The results come from our experienced teams, whose hard work and growth mindset have enabled this record performance. As we celebrate these achievements, we continue our digitalisation and decarbonisation journey, building on our Green Growth Strategic Directions and delivering long-term sustainable value to all our stakeholders.”
Michael Colakides, managing director of TCI & Group CFO, said: “Reflecting on the fiscal year that ended, we are proud to have achieved a year of record Group sales and profitability. Despite global macroeconomic challenges, all our regions have again delivered double-digit EBITDA growth, backed by increased sales, firm pricing, operational efficiencies and improved performance of energy costs. We have halved our debt-leverage ratio and delivered superior returns to shareholders. At the same time, we continued our investments focusing on growth, energy efficiencies and logistics infrastructure projects, highlighting the commitment and strength of our operations and the Group’s growth strategy.”
