Titan reports on record 2022
Titan Cement Group has published its 2022 Integrated Annual Report, which outlines the group’s financial, as well as environmental, social and governance (ESG) performance. According to the company, 2022 was a year of record sales and strong profitability growth in all markets and significant progress towards the group’s ESG targets for 2025 and beyond.
In terms of its financial performance, 2022 was the second consecutive year of record group sales at EUR2282.2m, up 33.1 per cent YoY. EBITDA came in at EUR331.2m with all regions experiencing double-digit profitability growth, while net profit after tax was up 19.3 per cent to EUR109.7m.
The group is also well on track to meet its ESG targets for 2025 and beyond, recording its highest annual specific CO2 emissions reduction, -5 per cent, in the last decade along with record high use of alternative fuels and a record low clinker-to-cement ratio. Green products and solutions are now approaching 20 per cent of the total sales volumes. It is also among the first cement companies in the world to have near- and long-term CO2 emissions reduction targets validated by the Science Based Targets initiative (SBTi) as consistent with the requirements to keep global warming to 1.5˚C.
Titan continues to invest in research, development and innovation activities across all markets, with an increased focus on decarbonising construction, carbon capture storage and utilisation, and the use of novel energy sources, materials and technologies. According to Titan, The group’s digital transformation is being rolled out to more plants, with production efficiencies, increased output, and energy cost savings, as well as with machine failure prediction, resulting in significant financial benefits.
