Titan Cement Group generated record revenues of EUR1714.6m, up 6.7 per cent from 2020, reflecting higher demand and a supportive pricing environment. EBITDA declined by 4.6 per cent to EUR272.4m. Net profit after taxes and minorities (NPAT) climbed to EUR89.6m (EUR1.1m in 2020 and EUR50.9m in 2019). Thanks to a successful refinancing strategy the group lowered significantly its finance costs for a third consecutive year to EUR33.6m (EUR19m lower than 2020 and EUR30m lower than 2019).
Delivery was strong across all group markets. US operations marked a new milestone with sales revenue at record levels thanks to growing demand, underpinned by healthy macroeconomic conditions. In Greece the market continued its positive performance, lending further support to the belief that demand is solidly in the upward path of the business cycle. In southeastern Europe performance was robust. Performance in the eastern Mediterranean turned positive, thanks to the mix of demand pick-up and better pricing dynamics in Egypt, while in Turkey, despite the volatile economic situation, the group recorded revenue growth as well. Finally, the company's Brazilian operations continued to grow significantly.
Trends in domestic sales volumes were positive across all regions, testifying to strong market fundamentals. At group level, volumes increased across all product lines: cement, ready-mix concrete, aggregates, building blocks and fly ash.
Group cement sales increased by seven per cent compared to 2020, reaching 18.3Mt, with US being the main contributor of this increase. Ready-mix concrete sales increased by two per cent in 2021, reaching 5.5Mm3 on the back of stronger sales in US and Greece. Aggregates' sales increased by one per cent reaching 20.2Mt, thanks to the strength of the Greek market.
