Titan Cement International SA sees growth in sales and profit in 9M24 results

Titan Cement International SA, the Greece-based building materials giant, has released its nine-month results for 2024, reporting a 4.9 per cent increase in group sales to EUR1984.5m (US$2.14bn), from EUR1892.2m in 2023, supported by higher volumes across all main products and improved pricing. Like-for-like group EBITDA grew by 14.6 per cent to EUR455m, with gains attributed to operational efficiencies, a better energy mix, and lower fuel costs. Net profit after taxes and minority interests reached EUR237.8m, a 20.3 per cent increase from EUR197.6m in 2023. 

Regional performance

USA: Despite adverse weather, Titan America’s sales rose 4.2 per cent to EUR1151.3m, with like-for-like (LfL) EBITDA up by 13.8 per cent to EUR262.3m. The robust performance was driven by stable cement prices, increased efficiency, and strategic acquisitions, including a quarry and calcined clay production project supported by a US$62m grant.

Greece & Western Europe: Sales grew by 8.4 per cent to EUR324m, with demand supported by public and private projects in Greece. However, lower export profitability led to a 4.5 per cent decrease in EBITDA, which closed at EUR49.7m.

Southeast Europe: Sales reached EUR326.8m, a 3.9 per cent rise, while like-for-like EBITDA surged by 19.2 per cent to EUR128.3m, helped by investments in renewable energy and alternative fuel utilisation.

Eastern Mediterranean: Sales rose 4.8 per cent to EUR182.5m, though EBITDA declined by 21.2 per cent to EUR14.3m, as exports weakened in Turkey despite strong domestic demand, largely driven by earthquake reconstruction efforts.