Titan Cement Group delivered strong results in 2020, despite the uncertainty caused by the COVID-19 pandemic. Group consolidated revenue reached EUR1607m and was stable compared to the previous year. EBITDA posted a solid increase of 7.1 per cent to EUR286.2m. This was the highest EBITDA recorded since 2010.
Net profit after taxes and minorities dropped to EUR1.5m (EUR50.9m in 2019) as a result of significant non-cash charges taken representing the full write-off of the EUR46.6m goodwill of Titan Cement Egypt and the derecognition of EUR17.3m of accumulated deferred tax assets, also in Egypt. Had these one-off charges not be taken, NPAT would have been EUR65.4m.
Group cementitious materials’ sales increased by one per cent compared to 2019, reaching 17.1Mt. Ready-mix concrete sales increased by three per cent in 2020, reaching 5.4Mm3 on the back of stronger sales in Greece, southeast Europe, the eastern Mediterranean and Brazil. Aggregates’ sales volumes increased by five per cent YoY, reaching 20Mt, mainly due to growth in the Greek market. Aggregates' sales in the US, which is a key contributor in the aggregates segment, remained stable at high levels.
In the US sales were sustained at high levels along all product lines. In Greece demand showed further recovery. Performance was robust in southeastern Europe, while Turkey posted strong domestic and export growth. Demand also improved in Brazil. Performance in Egypt was disappointing due to the ongoing challenges of that market. Pricing dynamics in most of the company's markets benefitted from resurgent levels of demand. The favourable energy cost environment combined with successful management of the group’s cost base, enhanced profitability.
