Titan Group's consolidated revenue reached EUR371m, down 3.6 per cent versus the 1Q20, penalised by the weaker US$ and US$-linked currencies, against otherwise solid organic growth trends. Revenue growth was 3.2 per cent in local currencies.
EBITDA growth rose to EUR56.1m from EUR40.6m in 2020. In the 1Q21 net profit after taxes and minority interests grew to EUR15.3m, a EUR31m improvement against a EUR15.8m loss in the 1Q20 (which included EUR9m one-off mark to market losses on US$ interest rate hedges).
The 1Q21 marked a positive start to the year with robust demand in the US particularly in March, solid market trends in southeastern Europe, a continuation of healthy market development in Greece and some improvement in the eastern Mediterranean.
Sales volume trends were positive across all product lines. Group cement and clinker sales increased by three per cent supported by higher demand across most markets. Aggregates and ready-mix sales volumes increased by three and one per cent, respectively.
Titan remarks that market trends and developments in the first quarter of the year, confirm that market fundamentals remain promising, and the key drivers of demand are in place to support operational growth in 2021 and beyond. At the same time in 2021 the company is facing headwinds in terms of energy, commodity and logistics costs.
Titan America's solid backlogs and the growth of the US economy point to rising activity levels and profitability. Other markets where Titan is active also demonstrate positive trends and improving prospects. As economies reopen and confidence returns with the improving health situation across our markets, as the pace of vaccinations picks up, Titan maintains its positive outlook for the year.
