Titan Cement has doubled its production capacity in Bulgaria to 1Mt of cement in the first half of 2004. Titan doubled its production capacity following the acquisition of Bulgarian cement plant in Zlatna Panega. The acquisition deal was signed in December 2003 but the anti-trust watchdog approved the deal in March 2004.
After acquiring Bulgarian Zlatna Panega Cement, Titan market share in Bulgaria rose to over 22 per cent in cement production and about 27 per cent in cement sales.
Titan reported a 73 per cent YoY rise in net profit to EUR80m in the first quarter of 2004 due to a considerable rise in the company’s operating profit in Greece, the USA and Bulgaria. Except for Egypt, cement demand in the world has been on the rise since 2003. (see CemNet News Archives).