Cementarnica Usje posts 13% drop in net profit in 2022

Cementarnica Usje, the North Macedonian subsidiary of Titan, reported a 13 per cent YoY drop in net profit to MKD1bn (US$17.2m) in 2022 as costs increased.

Operating expenses were up 41 per cent YoY to MKD5.8bn in 2022 as raw material costs increased by 67 per cent YoY to MKD3.5bn.

Operating revenue advanced 25 per cent YoY to MKD6.7bn in 2022.

Sales within Macedonia increased 26 per cent YoY to MKD4.1bn while export sales were up 22 per cent YoY to MKD2.3bn in 2022.