Cement News tagged under: Greece

RSS feed

Titan successfully navigates pandemic in first quarter

15 May 2020, Published under Cement News

This week Titan Group released its 1Q2020 business results which saw the group's revenues rise by 6.1 per cent to EUR384.8m , compared to 1Q19. ICR looks a little closer now at how the group's operations have been performing.
 Dimitris Papalexopoulos, chairman of the group, said: "The Group successfully navigated the first phase of the [COVID-19] crisis. Since the first emergence of the pandemic which appeared in our countries of operation in early to mid-March, our first focus has been to...

Titan Group sees 6% revenue increase in 1Q20

14 May 2020, Published under Cement News

Based on robust US demand and resilience of markets in the eastern Mediterranean, Titan Group's consolidated revenue increased in the 1Q20 by 6.1 per cent, reaching EUR384.8m, despite the slowdown of business due to COVID-19 since mid-March. EBITDA declined by EUR3.7m, or 8.5 per cent YoY, reaching EUR40.6m, mainly due to the advanced costs of about EUR10m associated with the earlier timing of the plant maintenance in Florida (completed in 2Q19). Preliminary April year-to-date financials ...

Titan buys back IFC minority stake in SE Europe/Egypt units

22 November 2019, Published under Cement News

Greece-based Titan said that its board of directors has approved the acquisition of the minority stakes held by the International Finance Corp in its units in Egypt and four countries of southeastern Europe for EUR81.8m. “This transaction will conclude Titan’s successful cooperation with IFC gradually established since 2008 in Albania, Egypt, Serbia, North Macedonia, and Kosovo,” the group said. The agreement is subject to fulfilment of conditions precedent, Titan said, adding that its p...


26 September 2019, Published under Cement News

In the first half of 2019, Titan Group recorded growth in sales revenue in all regions, with the exception of the eastern Mediterranean sales region. Consolidated turnover for the group reached EUR785.4m, up 10.2 per cent on the 1H18. This is attributed to the strong performance of the US market, growth in demand in southeastern Europe, and a modest recovery of sales in the group’s Greek operations. EBITDA remained flat YoY at E122.2m as the persistent challenging conditions in both Egypt...

Maltese cement carrier refloated in Gulf of Saloniki

18 September 2019, Published under Cement News

Cement carrier Sirios Cement I, which was loaded with a cargo of cement, ran aground in the Gulf of Saloniki, Greece, on its way to Italy on Saturday 14 September. The ship was refloated after four hours work with the help of tugs and taken back to Thessaloniki Port for inspection. Built in 1981, Sirios Cement I has a 13550dwt and travels under the Maltese flag.

Greek construction starts recovery in May

12 August 2019, Published under Cement News

The Greek construction sector saw building permits rise by 7.4 per cent in May, according to the statistics agency ELSTAT. There were 1453 building permits issued in the month covering an area of 268,900m 2 . May's figures are still 5.7 per cent down on May 2018 and are down 13.3 per cent lower than in the first five months of 2018. However, 2018 was a rebound year from very low levels and the current statistics prove that the recovery in 2018 was not a one-off, say experts. Moreover, the ...

Titan Group's 1H19 results bolstered by USA

02 August 2019, Published under Cement News

Titan Group recorded a turnover of EUR785.4m in 1H19, up 10.2 per cent on 1H18. This was attributed to a strong performance in the US market and growth in cement demand in southern Europe, along with a return to modest sales in Greece. EDITDA remained flat at EUR122.2m following challenging conditions in Egypt and Turkey, while group net profit after minority interests and taxes amounted to EUR13.3m versus EUR24.8m in 1H18. Consolidated turnover in 2Q19 for the group reached EUR422.7m, up ...

Titan completes successful share exchange tender for Euronext and Athens listings

18 July 2019, Published under Cement News

Titan Cement Co SA has announced the successful voluntary share exchange tender offer submitted by Titan Cement International SA to the shareholders of Titan Cement SA. The tender acceptance rate of 90 per cent was exceeded with 93 per cent acceptance rate for the ordinary shares and 92.3 per cent for the preference shares. Titan Group will be listed through Titan Cement International SA on Euronext Brussels, the Athens Exchange and Euronext Paris on 23 July 2019. "The listing of TITAN Gro...

Can Titan expect a better 2019?

24 May 2019, Published under Cement News

This week Titan Group announced its first-quarter 2019 results which saw a 12.5 per cent rise in turnover but also a EUR6.2m loss appearing on the company’s profit and loss account. While the US market and southeastern Europe returned healthy business results, the company’s performance was more muted in its other markets, particularly in Egypt and Turkey. However, going forward Titan sees the overall group outlook for 2019 as more favourable. The USA is Titan’s most important market, ge...

Titan reports 13% advance in 1Q turnover but EUR6.2m net loss

23 May 2019, Published under Cement News

Greece-based Titan Group reported a 12.5 per cent rise YoY in consolidated turnover to EUR362.7m in the first quarter of 2019 ended 31 March 2019. The company attributed the higher sales to a robust US market and growth in southeastern Europe. EBITDA was up two per cent to EUR44m as the company faced a challenging business environment in Egypt and Turkey. Titan's net result was impacted by higher depreciation charges and unfavourable foreign exchange rates, recording a EUR6m loss (1Q18: E...