Titan Cement Group: First Half 2020 Results

Brussels, 29 July 2020, 19:00 CEST – Titan Cement International SA (Euronext Brussels, ATHEX and Euronext Paris, TITC) announces the second quarter and half year 2020 financial results.

TITAN Group achieved stable revenue and growth in profitability in the first half of 2020, amidst the adversities set by COVID-19. Group management’s rapid response to shifting market conditions, the refocusing of priorities and the targeted strategy, were crucial in producing this strong and resilient performance. Delivery of such results was only made possible by the collective effort of management and employees while jointly striving to safeguard the lives and livelihoods of the Group’s employees and their families, business partners, customers and local communities.

TITAN Group - Overview of the first half 2020

Barring the sudden decrease in activity witnessed with the onset of lockdown measures in March and April, sales recovered significantly in most markets in May and June. Construction was deemed as an essential activity in the markets where the Group operates and all cement plants continued their operation, satisfying local market demand. Group consolidated revenue in the first half 2020 amounted to €786.3m, essentially flat (+0.1%) over the same period the previous year.

Targeted cost savings, the prevailing lower prices in solid fuels, combined with overall pricing resilience in our markets, translated into significant margin gains in the first six months of the year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) were up 12% reaching €136.8m, while Group EBITDA margin reached 17.4% from 15.6% in the first half of 2019. Net Profit after Taxes and minorities (NPAT) grew by €9m to €22.4m.

Dimitri Papalexopoulos, Chairman of the Group Executive Committee

“We were able to adjust quickly to continuously changing conditions. This allowed us to deliver improved profitability, while safeguarding the lives and livelihoods of our employees.”

After a good start to the year trends in sales volumes were affected by the spread of the pandemic and subsequent slowdown of markets. The rebound of construction activity witnessed in May and June partially offset the decline, bringing the overall volume performance closer to last year’s levels.

Cement and cementitious materials volume sales were impacted by lower exports from Greece and the lack of fly ash supply in the US, overall resulting in a decline of 2% compared to the 1st half of 2019. Ready-mix sales posted an increase of 1.3%, while aggregate sales were higher by 2.6%.

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The complete media release is also available on the website of Titan Cement International SA via this link https://ir.titan-cement.com 

OVER TITAN CEMENT INTERNATIONAL

Titan Cement International is a multiregional cement and building materials producer. Business activities cover the production, transportation and distribution of cement, concrete, aggregates, fly ash, mortars and other building materials. The Group employs about 5,500 people and is present in more than 15 countries, operating cement plants in 10 of them, the USA, Greece, Albania, Bulgaria, North Macedonia, Kosovo, Serbia, Egypt, Turkey and Brazil. Throughout its history, the Group has aspired to serve the needs of society, while contributing to sustainable growth with responsibility and integrity.