Titan’s turnover for the first nine months of 2010 declined by 1.7 per cent to €1028.5m while the EBITDA edged ahead by 0.9 per cent to €260.3m. There was a €9.2m benefit from the sale of emission rights in the period. With both depreciation and interest charges rising as a result of the investments in Egypt an Albania, the pre-tax profit came off by 7.5 per cent to €118.5m but the reduction at the net attributable level was contained at 5.2 per cent to €98.3m. Net debt at the end of September was 15.1 per cent lower at €873m. Capital expenditure during the nine months amounted to €58.7m, less than half of the €142.2m spent during the same period last year when Egypt and Albania had each absorbed around €60m.
Shipments of cementitous materials in the nine months rose by 10.1 per cent to 13.1m tonnes, thanks to the new plants in Egypt and Albania. Aggregates sales, which are mainly in Greece and the Untried States, declined by 10.2 per cent to 9.7Mt. Deliveries of ready-mixed concrete were unchanged at 2.9m m³, with the expansion into Egypt and Turkey compensating for lower volumes in Greece and in Florida.
The Eastern Mediterranean has now become the largest source of profit for the group, contributing 40.5 per cent of the EBITDA, but a more modest 26.1 per cent of turnover. Egyptian cement deliveries grew on the back of the capacity increase at the Beni Suef works in the late autumn of last year. The Turkish associate benefited from a strong economic recovery and export sales. The group has now entered the ready-mixed concrete industry in both Egypt and Turkey. Turnover rose by 30.4 per cent to €268.9m and the EBITDA grew by 45.5 per cent to €105.5m.