Bulgaria-based Zlatna Panega Cement, part of the Titan Group, saw its net profit soar to EUR8.4m in 2023 from EUR340,000 in the previous year as energy and fuel prices declined.
Cement sales increased by eight per cent YoY to boost revenue to EUR66.7m in 2023 while EBITDA nearly tripled to EUR13.8m, said the company.
As a result, the company increased its capital investments to EUR9.3m, the highest level in a decade.
"Last year, we reached significant milestones on our journey toward a greener future. We allocated 5.9 million euro towards environmental initiatives, with over EUR4.9m aligned with the EU Taxonomy," Titan Zlatna Panega general manager, Adamantios Frantzis, said.
The company completed a 5MWp solar photovoltaic plant in the summer, representing an investment of EUR4m. The new plant is expected to produce 6.9GWh per year and cover up to 15 per cent of the cement plant’s energy needs and reduce indirect carbon emissions by 3000tpa. The cement producer is now preparing to expand its solar facility by an additional 15MWp – an investment of EUR15m.
