Titan Group announced an 18.7% increase to 1.229 billion euros in its consolidated sales in the first half of 2023, compared with the same period last year thanks to domestic demand across main markets and products as well as firm pricing dynamics.
EBITDA stood at 241.2 million euros, up 77%, thanks to sales growth and cost performance improvements. Net profit more than doubled to 110.9 million euros following an increase in EBITDA.
Sales in the second quarter rose by 10.3% to 641 million euros, compared with the same period last year. Strong domestic demand mainly in the US and Greece, with South Eastern Europe also up, led to higher sales volumes and better performance.
Titan also said that Fitch updated its credit rating to BB+.
In Greece, demand continued to rise, while market trends in Southeastern Europe remained positive. Domestic demand has increased significantly in Turkey, while volumes have been lower in Egypt. Volume trends across all main product lines testify to healthy demand, as domestic cement sales volumes increased by 3%, aggregates and ready-mix increased by 6% and 3% respectively, year-over-year.
