Titan's 1H18 net profit rises 78.3% but turnover declines 7%

Titan Cement Group's 1H18 results showed a mixed performance with consolidated turnover reaching EUR712.5m, down EUR61.3m or 14 per cent on 1H17. Titan cited the strength of the euro against the dollar and other currencies as having a negative impact of EUR10m on group EBITDA. Still, net profits after tax amounted to EUR24.8m, up from EUR13.9m in 1H17.

Turnover in 2Q18 was disappointing at reaching EUR390m compared to EUR412m in 2Q17. EBITDA in 2Q18 reached EUR78.7m, down 13.5 per cent on 2Q17, while net profits for 2Q18 rose by 34.2 per cent to EUR23.9m and up by 78.3 per cent for 1H18.

USA
1H18 turnover in the USA was amounted to EUR414.3m down nine per cent, while EBITDA fell by 13 per cent in euro terms to EUR80.2m.

Western Europe
1H18 turnover fell by 11 per cent to EUR114.6m and EBITDA dropped to EUR5.2m from EUR13.7m in 1H17.

Southeast Europe
Turnover for the period reached EUR103.1m down 4.1 per cent and EBITDA was stable at EUR23.9m. Turnover in Egypt in 1H18 reached EUR80.6m while EBITDA reached EUR12.8m up 3.5 per cent in euro terms.