Titan has released its Integrated Annual Report 2023
Titan has released its integrated annual report 2023 (IAR), which outlines the group’s financial, as well as environmental, social, and governance (ESG) performance. 2023 was a year of record-breaking performance, increased shareholder returns and long-term stakeholder value creation, in line with its Green Growth Strategy 2026. These accomplishments underscore TITAN's commitment to sustainability, innovation, and customer-centricity, said the company.
In line with its Strategy 2026, TITAN implemented five acquisitions and partnerships adding access to reserves of more than 100Mt of supplementary cementitious materials and more than 90Mt of aggregates in attractive markets. Additionally, the company secured a EUR234m grant agreement with the EU Innovation Fund for its pioneering Carbon Capture project "IFESTOS" in Greece.
Sustainability and decarbonisation
In terms of the company's sustainability and decarbonisation, the following achievements were highlighted:
• a reduction of specific net CO2 emissions by 11kg year-over-year to 608kg/t of cementitious product thanks to the increased use of alternative fuels and a lower clinker-to-cement ratio
• Lost Time Incident Frequency Rate (employees and contractors) at 0.45, among the best in the peer group
• 265 community engagement initiatives with more than 330,000 beneficiaries
• inclusion in the “A” list of CDP for climate change and recognition with an “AA” ESG rating by MSCI.
Digital transformation
Titan also made significant strides in digital transformation, deploying Real-Time Optimisers and failure prediction systems across its plants, leading to enhanced productivity and decreased energy consumption
•In terms of efficiencies in flagship plants, Pennsuco in the USA is the group’s first end-to-end digital cement plant.
The integrated 2023 Annual report is now available.
