The Titan cement group saw turnover increase by 10.7% to EUR231.6m and the operating profit at the EBITDA level rose by 32.0% to €55.3m, while the pre-tax profit more than trebled to EUR30.3m. Global cement and clinker volumes were some 13% higher.
In Greece, turnover rose by 14.7% to EUR118.6m and the EBITDA was up by 9.9% to EUR37.7m. Cement volumes were higher thanks to less plant down time and better weather, but higher fuel and maintenence costs did have a negative effect on margins. Domestic deliveries were up by some 8%, but the supplies to Olympic projects have now come to an end, suggesting some reduction for the full year. Ready-mixed concrete deliveries were running at a high level because of construction work related to this summer’s Olympic Games.
The restructuring of the business in Bulgaria and Macedonia, announced at the end of last year, was completed in early May, following the receipt of the necessary government approvals, giving Titan a cement capacity across Bulgaria, Macedonia and Serbia in excess of 2.5m tonnes. With the exceptionally harsh winter of the previous year not being repeated, Titan’s turnover in the area rose by 24.3% to €12.5m but this was not reflected at the operating line where a EUR 0.2m loss was incurred as a result of the timing of annual maintenence. However, cement deliveries were up in all three countries and the Usje plant in Macedonia is producing to capacity.