Titan Group announced consolidated revenue amounted to EUR821.1m in the 1H21, up 4.4 per cent versus the 1H20, reflecting growing demand in most markets and a supportive pricing environment. Top line growth was held back by weaker US dollar and US dollar-linked currencies. In local currencies, growth was 11.7 per cent.
Titan Group saw positive sales volume trends in all product lines. Group cement and clinker sales, including exports, increased by 11 per cent supported by higher demand across most markets. Aggregates and ready-mix sales volumes increased by four and five per cent, respectively.
EBITDA reached EUR142.6m, up 4.2 per cent (and +10.3 per cent in local currencies), held back by the spike in energy costs and freight rates. Net profit after taxes and minority interests more than doubled reaching EUR58m vs EUR22.4m aided by a significant decline in finance costs. To put those figures in context, it should be noted that - as most of the group’s countries of operation were not among those hard hit in the early days of the pandemic – the company’s 1H20 had been resilient and ahead of 1H19.
Dimitri Papalexopoulos, chairman of the Group Executive Committee, said: “Looking ahead we see continuing top line growth, with gains in both volumes and prices. In the short term, the spike in freight rates and energy costs is not allowing us to enjoy the kind of impact in margins which top line growth would imply.”
