Titan Cement International SA (Euronext Brussels, ATHEX and Euronext Paris, TITC) announces the second quarter and half year 2023 results.
- H1 2023 sales reached €1,229m, up 18.7% YoY as a result of solid levels of domestic demand across our main markets and products, along with firm pricing dynamics. EBITDA increased to €241.2m (+77% YoY) thanks to sales growth and cost performance improvements. Net profit more than doubled to €110.9m following EBITDA rise. Leverage ratio Net Debt/EBITDA at 1.7x.
- New Fitch credit rating at BB+.
- Sales in Q2 2023 were €641m, up by 10.3% compared to Q2 2022 while EBITDA also grew to €134.0m (+49.2%) vs Q2 2022. Strong domestic demand primarily in the US and Greece, with South Eastern Europe also up, translated to higher sales volumes and supported the price increases realized in 2022/early 2023.
- Growth investments completed in Greece and US and large-scale carbon capture project at TITAN’s Kamari plant near Athens selected by the EU Innovation Fund for grant agreement. Upon completion mid-term it will produce 3m tons/year of zero carbon cement.
- Reduction of specific CO2 emissions by ca. 3% compared to H2 2022 while a €26m alternative fuels investment was successfully completed.
- Real-Time Optimizers (RTOs) are operational in 20 of the Group’s assets and machine-learning-based failure prediction systems were rolled out in 3 additional plants with improvements in productivity and reliability.
- Positive outlook for the rest of the year, with solid orderbooks, resilient pricing offsetting cost increases and additional performance improvement expected, as more investments come on stream.
- Venture Capital arm launched aiming at 6-8 investments over mid-term.
- Investor Day scheduled in September 2023.
