The Greece-headquartered Titan Group continued its robust trajectory in the third quarter of this year, with sales of €661.6 million (€663.2mn in Q3 2023).
This performance resulted from sustained volumes and disciplined pricing, with sales increasing in the US and Greece for another quarter despite the serious disruptions caused by bad weather in the US.
EBITDA for the quarter closed at €163.7mn or +5.3% after non-recurring costs, with €8mn one-off costs related to the IPO of the US business and an early retirement program in Greece. EBITDA margin for the quarter was maintained at elevated levels thanks to continuous operational efficiency gains, improvements in the fuel mix and softer energy costs. Net Profit after Taxes & Minorities (NPAT) reached €81.9mn.
Building on the strong performance of the third quarter of 2024 and despite the recent challenges with lost sales due to hurricanes and heavy rainfall in the US, the Group continued to exhibit growth in the first nine months of 2024, achieving sales of €1,984.5mn, up by 4.9%, with all regions of the Group posting topline growth. Sustained pricing dynamics and increased volumes in all product lines have supported performance, with domestic cement sales up by 3%, ready-mix up by 7% and aggregates up by 8%.
At the end of the first nine months, Titan Group’s EBITDA reached €455mn (+15% growth). The Group’s profitability margin expanded against higher sales, increasingly tangible operating efficiencies, and inflation, which still affect increased logistics, labour, and raw materials costs. Net profit after taxes and minority interests (NPAT) grew to €237.8mn, up by 20%, compared to €197.6mn last year.
In a trading statement released with the Q3 and First Nine Months of 2024 figures, Titan Group said: “Our efforts at operational excellence have so far borne fruit as illustrated by the consecutive quarters of robust Group performance. We expect a strong performance in the next quarters, resulting in another consecutive year of record sales and profitability. Early indications for 2025 suggest increased sales with higher growth levels in the second half of the year. The expected listing of the US operations in the first quarter of 2025 should further allow us to deploy capital into growth opportunities and further boost growth both in the US and Europe. Delivering on the Green Growth Strategy 2026 will remain Titan’s focus, driving long-term value creation with meaningful decarbonisation initiatives that align with our vision for a sustainable future.”
