Titan reports record EBITDA growth of EUR540m in 2023
Titan reported record EBITDA in 2023 reaching EUR540.3m, up by 63.1 per cent, achieving margin expansion. All regions posted double-digit profitability growth, thanks to increased sales across all main products, firm pricing, operational efficiencies and improved performance of energy costs, said a company statement.
Group sales in 2023 totalled EUR2547m, a 11.6 per cent increase compared to the previous year, while EBITDA grew by 63.1 per cent YoY, reaching EUR540.3m. The group's net profit after taxes and minority interests more than doubled to EUR268.7m from EUR109.7m in 2022, despite foreign exchange losses in Egypt and Turkey, and higher taxes.
Domestic cement sales in Greece totalled 17.5Mt, up two per cent from 17.2Mt in 2022. Ready-mix sales reached 5.9Mm3, up five per cent from 5.6Mm3 in 2022 and aggregates totalled 19.9Mt, up four per cent from 19.1Mt in 2022.
More than half of the annual total capex amount was apportioned to the US region as part of the group’s US$300m growth investment programme for the 2021-23 period. Total group capex reached EUR224m compared to EUR241.9m in 2022. Some landmark capex projects were executed during this past year, including the calciner in Kamari cement plant in Athens, Greece, with a total cost of EUR26m, contributing to increased alternative fuels utilisation. In the US, two new domes were constructed at the group’s key import terminals in Tampa (Florida) and Norfolk (Virginia) for a total investment of US$70m with a combined import storage capacity of more than 130,000t.
Regional performance
USA
Titan America sales in 2023 increased significantly by 16.6 per cent, reaching US$1.6bn, while EBITDA for the year reached US$319m, marking a substantial increase of 67 per cent compared to 2022. In euro terms, sales increased by 13 per cent to EUR1477m and EBITDA reached EUR296m compared to EUR185m in 2022.
Greece and western Europe
Sales for Greece and western Europe in 2023 increased by 22 per cent to EUR407.8m, while EBITDA more than doubled to EUR64.7m compared to EUR31.8m in 2022.
Southern Europe
Sales in the region grew by 9.5 per cent, compared to 2022, to EUR422.4m, while EBITDA improved by 54.4 per cent to EUR146.6m.
Eastern Mediterranean
The eastern Mediterranean region recorded sales of EUR239.9m, a decrease of 6.1 per cent from 2022, impacted by local currency loss of value. However, increased demand and export volumes, as well as higher rates of use of alternative fuel and favourable pricing, resulted in improved profitability margins, allowing for an EBITDA hike from EUR19.6m in 2022 to EUR33.2m in 2023.
Brazil
Apodi posted increased sales of EUR128.2m versus EUR115.9m in 2022, while EBITDA reached EUR24.4m versus EUR21.1m in 2022, up by 15.5 per cent.
Reduction of specific net CO2 emissions by 11kg YoY was achieved to 608kg/t of cementitious product thanks to improved alternative fuels’ usage and lower clinker-to-cement ratio. The group's share of green products reached 23.4 per cent in 2023.
