Titan records 8% advance in revenue for 2019

Titan records 8% advance in revenue for 2019
20 March 2020

Greece-based Titan Cement has seen its group consolidated revenue advance eight per cent to EUR1.609bn in 2019, compared with EUR1.49bn in the previous year. EBITDA also increased 2.8 per cent YoY to EUR267.1m from EUR259.7m.

"We are well placed to simultaneously navigate the market cycles of our business and participate in the major transformational changes that will affect our sector and beyond, focusing on operational excellence and profitability, as well as on adaptability, agility and long-term sustainability. We know we can rely on the partnership and collaboration with all our stakeholders to successfully address our common future challenges," said Dimitri Papalexopoulos, chairman of the Group Executive Committee.

Elsewhere, the company’s overall sales volumes of cement declined seven per cent YoY to 17Mt from 18.2Mt in 2018. Despite this, domestic cement sales increased in all regions except the Eastern Mediterranean. Severe competition had an adverse effect on the group’s cement exports, while supply shortages caused a reduction in the sales of fly ash in the USA, according to a statement.

Ready-mix concrete was down a modest one per cent YoY to 5.2Mm3 from 5.3Mm3. The segment’s sales mainly increased in the USA, but it was offset by a sharp drop in the Eastern Mediterranean.

The company has also noted that it was preparing for a broadly positive outlook for 2020 up until the emergence of the global coronavirus pandemic, which has created a significant amount of uncertainty.

"Today, we are focused on the coronavirus crisis and its unprecedented impact on the world economy. We are taking measures to protect our people and to ensure customer needs satisfaction and operations continuity. We are creating contingencies and flexibilities and we have strengthened our liquidity position to EUR400m in combination of cash in-hand and available committed bank credit facilities," said the company.

Published under Cement News