Group sales in the nine months rose by 14% to 1.892 billion euros thanks to higher sales volumes in all markets and increased price levels.
The Group’s earnings before interest, taxes and depreciation (EBITDA) increased by 72% to €397m in the nine months, as profit margins were restored. All markets recorded double-digit profitability growth thanks to increased sales volumes, pricing dynamics and improved operational efficiency as a result of digital production systems, improved energy mix and energy cost containment.
Net profits more than doubled to €198 million in the nine months of 2023 and earnings per share (9 months) stood at €2.64.
The ratio of Net Debt to EBITDA was set at 1.5x. The rating agency S&P has upgraded the Group’s credit rating to “BB” with a positive outlook, while a rating of “BB+” was given by Fitch.
Investment expenditure amounted to €158m, focusing on capacity and operations development projects, energy efficiency and logistics improvement.
A new share purchase program of €20 million is announced, which will start as soon as the current program is completed.
In Q3 the Group further reduced the clinker to cement ratio (76.9% vs. 78.4% last year) and increased the use of alternative fuels to record levels (19.1%, +2 percentage points), reducing specific net emissions CO2 by 2.1%, compared to Q3 2022.
MSCI has again recognized Titan’s top ESG performance, rating the Group with “AA” for the third year in a row.
The positive outlook is maintained for the year, thanks to the demand levels in the Group’s areas of activity, the stable price levels and the further improvement of costs, as a result of the implementation of investment projects.
As the company reports, the Group maintained its growth momentum during the third quarter of the year and recorded strong results, particularly in Greece, the USA and Southeast Europe. Sales in the third quarter increased by 5.9% to €663.2m, compared to €626.3m in the previous year, while earnings before interest, tax and depreciation (EBITDA) recorded a significant increase of 63.6 % compared to the corresponding period
last year and amounted to €155.5 million.
Increased volumes, positive price levels, operational efficiency, an improved energy mix and energy cost containment all contributed to the margin recovery. Although energy costs in sectors such as fuel and electricity have seen some decline – compared to record levels recorded in 2022 – the market has continued to be pressured by continued increases in labor costs, raw materials and other cost parameters. production. However, the Group’s dynamic position in markets with growth characteristics kept demand undiminished both in the third quarter and during the nine months.
As a result, the Group’s sales in the nine months of 2023 recorded an increase of 13.9% and amounted to €1,892.2 million, while EBITDA profits during the same period amounted to €396.7 million, recording a significant increase of 71, 5% compared to 2022. The Group’s net profit after tax and minority rights (NPAT) more than doubled and amounted to €197.6 million, compared to €89.1 million during the same period of 2022.
It is noted that on November 8, 2023, the Board of Directors decided to start a new share purchase program with a total value of €20 million and an estimated duration of 9 months. The new program will start after
termination of the existing program worth €10 million, which started in March 2023 and is expected to be completed by November 30, 2023.