Titan Group reports 9M21 revenues of EUR1.26bn

Titan Group's consolidated revenue for the first nine months of 2021 reached EUR1.26bn, posting a five per cent increase on the 9M20. Revenue growth in local currencies was 10.1 per cent, while EBITDA came under pressure to registering EUR219.6m, a 4.3 per cent decline. 

Revenue in the USA recorded a 8.7 per cent increase in US dollar terms in the first 9M21, translated into a corresponding increase of 2.1 per cent in euro terms to EUR731.3m. When compared to the 9M20, EBITDA softened to EUR126.7m, down 5.1 per cent decline in US dollar and 10.6 per cent in euro terms.

Total revenue for the region of Greece and western Europe in the 9M21 grew by 10.3 per cent to EUR194.5m while EBITDA came in at EUR20.4m versus EUR16.2m in the 9M20. 

Revenue for the southeastern European region overall increased by 9.2 per cent to EUR214.6m while EBITDA declined by 5.2 per cent to EUR69m in the first 9M21. 

Total revenue in the eastern Mediterranean reached EUR122.4m, posting an increase of 8.1 per cent YoY, while EBITDA jumped to EUR3.5m versus a EUR1.1m loss in the first 9M20. 

The market in Brazil continued to grow, posting a 9.4 per cent increase in volumes versus the first nine months of 2020, supported by both residential and commercial sectors projects in the region. Titan subsidiary, Apodi Cement posted an increase in revenue to EUR60.6m (versus EUR50.5m in the first 9M20) as well as in EBITDA to EUR14.4m compared to EUR11.7m in 2020. 

3Q21 performance
In the third quarter of 2021, group revenue increased by 6.2 per cent compared to last year reaching EUR441.7m testifying the continued strong demand momentum across most of our markets. Group EBITDA declined by 16.8 per cent to EUR77m, reflecting the sharp rise in energy, electricity and freight costs, said Titan Group. Net profits amounted to EUR24m compared to EUR35.5m in the same period of 2020, down by 32.5 per cent.