Titan records consolidated sales of EUR1662m in 9M22

Titan Group's consolidated sales for the first nine months of 2022 reached EUR1661.8m posting a 31.6 per cent increase. Energy costs have seen their highest levels during the early part of the 3Q22. However, the group was able to both increase prices as well as work on improving the energy mix, achieving a higher EBITDA. In the 3Q22 EBITDA recorded a strong increase of 23.9 per cent versus EUR95.4m in the3Q21, while year-to-date EBITDA increased to EUR234.5m, 6.8 per cent above 2021. 

The group’s nine-month 2022 net result after taxes and minority interests was up to EUR89.1m compared to a profit of EUR81.9m in the same period of 2021, higher by 8.7 per cent. 

In the USA EBITDA in the 3Q22 reached EUR63.5m, posting an advance of 46.9 per cent versus the same quarter last year (EUR43.2m). Overall, sales in the US, which were aided by the strong dollar, increased by 31.7 per cent to EUR963.3m during the 9M22, while EBITDA reached EUR130.4m versus EUR126.7m, a 2.9 per cent increase compared to 2021. 

Total sales for markets in Greece and western Europe in the 9M22 grew by 20.9 per cent to EUR235.1m, while EBITDA improved to EUR23.6m versus EUR20.4m, therefore increasing by 15.4 per cent. 

Sales in southeast Europe in the 9M22 were up by 29.7 per cent to EUR278.4m compared to the same period in 2021, while EBITDA declined by five per cent to EUR65.6m. 

Total sales in the eastern Mediterranean reached EUR185m in the 9M22, an increase of 51.2 per cent YoY, while EBITDA reached EUR15m versus EUR3.5m in the same period in 2021. 

In the 9M22 the Apodi joint venture in Brazil posted an increase in sales to EUR83.4m, versus EUR60.6m in the 9M21, while EBITDA reached EUR12.2m versus EUR14.4m in the 9M21.  

Outlook
“The elevated energy costs, higher interest rates, and the risk of a recession do pose challenges to the growth of the building industry, “ said Titan. On the other hand, the fundamental underlying drivers of cement and heavy materials demand, in the form of economic and population growth, are still there in addition to stimulus infrastructure programmes in Titan’s key markets.