Titan Group published the 2023 annual report presenting the Group’s financial results in combination with its environmental, social and governance (ESG) performance.
The Group characterizes 2023 as a year of record performance, increased returns to shareholders and creation of long-term value for co-shareholders. “These achievements underline Titan’s commitment to sustainable development, innovation and customer focus”, it is noted.
In its 2023 annual report, the group announced its third consecutive year of record sales:
-Sales of 2,547 million euros, up 11.6%.
-Earnings before interest, taxes and depreciation (EBITDA) amounted to 540.3 million euros, up 63.1%.
All geographies recorded strong profitability growth, driven by increased sales, enhanced pricing and improved energy cost management performance. Net profit after tax and minority interests (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%.
In 2023, the rating agency S&P upgraded Titan’s credit rating to “BB with a positive outlook” and Fitch rated the company with “BB+”.
Strategic investments
In line with the 2026 strategy, TITAN has made five acquisitions and partnerships that give access to reserves of supplementary cementitious materials of more than 100 million tons and aggregates of more than 90 million tons, in attractive markets. Also, the company 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.
Focus on sustainable development and neutral carbon footprint
-Reduction of CO2 emissions by 11kg to 608 kg/t cementitious product due to increased use of alternative fuels and reduced clinker-cement ratio.
-Setting the lost time injury frequency index (LTIFR) of workers and contractors at 0.45 – among the industry leaders in safety.
-265 partnership initiatives with local communities. More than 330,000 beneficiaries.
-“A” rating by CDP for addressing climate change and “AA” rating by MSCI for ESG performance.
Digital transformation
-Titan Group has made significant progress in digital transformation by developing real-time production optimization (RTO) systems and installing failure prediction systems in all factories, achieving increased productivity and reduced energy costs.
-In addition, efficiency has been promoted in flagship factories. Pennsuco in the US is the first cement plant with digitized processes throughout the production spectrum (end-to-end).
-The renewed corporate identity, including the purpose, values and renewed logo, integrates the history of the company staying close to the design of the previous one, while at the same time reflecting the Group’s strategy that combines dynamism, innovation and sustainable development.
