Titan's 1Q21 regional results saw strong volume growth in the US, particularly in the Mid-Atlantic region, while the domestic market of Greece also had encouraging results with cement sales increasing on 1Q20.
Solid price trends in the US testified to the pent-up demand and a more confident restarting of activity that reflects the economy's robust growth. Demand was stable in Florida, with divergent trends depending on geographies, while even a slow recovery was witnessed in New York, which had seen the brunt of the slowdown due to the pandemic.
"Overall continuing residential and commercial demand is supported by low interest rates, the prevailing low housing stock and increased demand for housing," said Titan.
Meanwhile, revenue in the US recorded a 33.8 per cent rise in dollar terms on the 1Q20. EBITDA increased to EUR37.3m.
The Greek market is being driven by many peripheral construction projects and private investments. Exports to the group’s European terminals also increased during the quarter, testifying to broader pick up of activity in Europe. However, export sales denominated in US dollar were penalised by the weaker US dollar and lower compared to the previous year. Total revenues from the Greek and western European market reached EUR57.9m up 0.9 per cent on the 1Q20. EBITDA reached EUR6.8m versus EUR1.4m in the same period last year.
Southeastern Europe delivered solid pricing and volumes against a backdrop of construction confidence. However, higher maintenance costs and energy costs spikes in the quarter curtailed profitability. Revenue for the region as a whole increased by 2.2 per cent to EUR49m while EBITDA declined by EUR0.7m to EUR11.3m compared to the first quarter of the previous year.
In Egypt sales volumes were flat at 4Q20 levels, starting with lower sales in January and February. By March the market witnessed an uptick in both volumes and prices, which continued in April. Turkey once again recorded growth in domestic sales and prices, with notable regional differences across the country. Total revenue in the eastern Mediterranean reached EUR37.7m, a decline of 9.3 per cent YoY. EBITDA turned positive at EUR0.2m in the quarter versus a EUR0.4m loss in the 1Q20.
The market in the northeast Brazil grew by 18 per cent in the quarter confirming the momentum witnessed in 2020. Sales from the Apodi joint venture increased based on stronger demand coming from the residential and commercial sectors. In the 1Q21 Apodi posted an increase in revenue to EUR18.3m (versus EUR16.3m in 2020) as well as in EBITDA at EUR4.9m versus EUR2.5m in 2020, despite the weakening of the local currency.
