Titan Cement Group says it generated record revenues in 2021 and is well on track to achieve its environmental, social and governance (ESG) targets for 2025 and beyond.
The cement and building materials producer published its 2021 Integrated Annual Report (IAR), which outlines the group’s financial and ESG performance.
Titan adds that it has made tangible progress in all of its focus areas: decarbonisation and digitalisation, growth-enabling work environment, positive local impact and responsible sourcing.
Through integrated reporting, the group says it aims to offer a holistic view of how its strategy, governance, performance and prospects lead to the creation of shared value over the short, medium and long term for all our stakeholders.
Group revenue reached a record of €1,714.6m in 2021, up 6.7%, which Titan says reflected higher demand and supportive pricing across all regions.
Net profit after tax (NPAT) increased to to €91.9m (vs €1.1m in 2020 after €63.9m one-off charges and vs €50.9m in 2019) supported by lower finance costs and FX result.
Titan says its carbon footprint reduced by 4% (Scope 1 & 2) in the year, which is on course to achieve the group’s 2030 targets.
It adds that it is among the first cement companies worldwide with CO2 reduction targets validated by the Science Based Targets initiative (SBTi). Titan signed the “Business Ambition for 1.5°C” Commitment letter, joining a number of leading companies seeking to keep warming to 1.5°C and reach net-zero emissions by 2050.
The group has been recognised by not-for-profit disclosure charity CDP as a Global Climate Leader (A-) for its transparency and actions to mitigate climate change. Titan started implementing the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and EU Taxonomy Regulation.
Titan says it is advancing its digitalisation of cement manufacturing through AI and Machine Learning. It has rolled out AI-based real-time optimisers and failure prediction solutions across its production facilities, yielding gains in productivity and energy efficiency.
The group has developed a Sustainable Supply Chain Roadmap to ensure that key suppliers meet the group’s ESG standards, in addition to 142 initiatives in local communities that benefit more than 0.4 million people.
