The US and European markets contributed more than 90% to Titan Group’s sales and profitability, as shown in 2023 and fourth-quarter results.
Titan announced record sales for a third consecutive year amounting to 2.547 million euros, up 11.6%. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached record levels in 2023 at 540.3 million euros (up 63.1%), with enhanced profit margins. All countries it operates recorded strong profitability growth, driven by increased sales, enhanced pricing and improved energy cost management performance.
Net profit after tax and minority interest (NPAT) more than doubled to 268.7 million euros (+145%), while earnings per share stood at 3.6 euros per share. Return on average capital employed (ROACE) was 16.9%.
The Titan Group has signed a 234-million-euro grant agreement with the EU Innovation Fund for the pioneering carbon dioxide capture project “IFESTOS” to be implemented in Greece.
As noted in an announcement, the digital transformation is accelerated, achieving an increase in productivity and a reduction in energy costs. Real-time production optimization (RTO) systems were installed in most plants while fault prediction systems in all of them.
For 2023, a dividend distribution of 0.85 euro per share is proposed, increased by 42% compared to 2022.
The outlook for 2024 is positive, targeting improved sales and prices in US and European markets, while the conclusion of new investment projects are expected to improve profit margins.
