Cementarnica Usje, the North Macedonian subsidiary of Titan, reported a drop in net profit by 41 per cent to MKD621.2m (US$9.9m) in the first nine months of 2022 when compared with the year-ago period.

The company’s operating expenses increased 46 per cent YoY to MKD4.1bn in the 9M22 on the back of higher material costs, which were up 78 per cent to MKD2.5bn.

Operating revenue expanded by 22 per cent YoY to MKD4.8bn with domestic sales increasing 24 per cent YoY to MKD3.1bn and exports by 17 per cent to MKD16bn.