Titan Cement has issued a trading update ahead of the group’s full-year results on 22 March 2023, as the preliminary results for EBITDA in the fourth quarter of 2022 are significantly higher compared to market consensus.
According to the company, the 4Q22 was very strong for the Titan Cement Group. Sales activity and revenues remained robust while energy costs, as a result of cost-saving actions and market conditions, declined. As a result, preliminary EBITDA for the quarter is EUR98m, around EUR42m higher than the same quarter a year earlier, with a significant improvement in profitability recorded mainly in the US and southeast Europe.
Based on current preliminary unaudited consolidated financials, the group expects sales for full-year 2022 to exceed EUR2250m and EBITDA to be more than EUR330m, up from EUR275m in 2021. The group’s preliminarily net debt at the end of 2022 is below EUR800m, compared to EUR912m in September 2022, and the net debt to EBITDA leverage ratio is 2.4x.
A new buy-back programme of EUR10m was also agreed by the group’s Board of Directors on 17 January 2023. The new programme will begin on or around 1 March 2023 and will be up to EUR10m with a duration of up to 10 months.
