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Titan records strong 2021 cross-region revenue growth, net profit

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Titan Cement International SA (Euronext Brussels, ATHEX and Euronext Paris, TITC) has announced its Q4 and full year 2021 financial results, as follows:

  • Record Group revenue of €1,714.6m, up 6.7 per cent, reflecting higher demand and supportive pricing across all regions
  • Operating profitability (EBITDA) penalised, down by 4.6 per cent to €272.4m, the result of an unprecedented spike of input costs in the second semester
  • NPAT rose to €89.6m (vs €1.1m in 2020 after €63.9m one-off charges and versus €50.9m in 2019) supported by lower finance costs and FX result
  • Focus on shareholder value through share buy-backs, cancellation of treasury shares and capital return of €0.50 per share
  • Digitalisation of cement manufacturing through A.I. and Machine Learning
  • Carbon footprint reduced by 4 per cent (Scope 1 & 2), on course to achieve the Group’s 2030 targets
  • TCFD Framework implementation and recognition by CDP as a Global Climate Leader (A-)

The Greek building material Group generated record revenues of €1,714.6 million, up 6.7 per cent from 2020, reflecting higher demand and a supportive pricing environment.

Due to the unexpected spike of input costs in the second semester, and despite pricing initiatives that partly alleviated the burden, Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) declined by 4.6 per cent to €272.4 million. Net Profit after Taxes and minorities (NPAT) climbed to €89.6 million (versus €1.1 million in 2020 and €50.9 million in 2019). This significant increase was the result of lower finance costs, more favourable FX movements and a lower effective tax rate.

It should be noted that in 2020 there were €63.9 million one-off charges related to Egypt. Thanks to a successful refinancing strategy, the Group significantly lowered its finance costs for a third consecutive year to €33.6 million (€19.0 million lower than 2020, and €30.0 million lower than 2019).

Meanwhile, delivery was strong across all Group markets: US operations marked a new milestone with sales revenue at record levels, thanks to growing demand, underpinned by healthy macroeconomic conditions. In Greece, the market continued its positive performance, lending further support that demand is solidly on the upswing of the business cycle. In southeast Europe, performance was robust. Performance in the Eastern Mediterranean turned positive, thanks to demand pick-up and better pricing dynamics in Egypt, while in Turkey, despite the volatile economic situation, the Group recorded revenue growth as well. Finally, Brazilian operations continued to grow significantly.

Trends in domestic sale volumes were positive across all regions, testifying to strong market fundamentals. At Group level, volumes increased across all product lines: cement, ready-mix concrete, aggregates, building blocks and fly ash. Group cement sales increased by 7 per cent compared to 2020, reaching 18.3 million tonnes, with the US being the main driver of this increase. Ready-mix concrete sales increased by 2 per cent in 2021, reaching 5.5 million cubic metres on the back of stronger sales in America and Greece. Aggregates’ sales increased by 1 per cent, reaching 20.2 million tonnes, thanks to the strength of the Greek market.

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