Titan Cement, one of Greece’s leading producers of cement, ready mix concrete, aggregates and ready mix dry mortars, announced that it has posted record growth for the third year in a row with group sales hitting €2,547 million in 2023.
This is 11.6% higher than 2022, and is almost entirely accounted for by the company’s activities in Europe and the United States of America.
The company said the buoyant results will lead to a dividend payment of €0.85 per share for 2023, which is 42% higher than last year.
Titan Cement’s “outlook is positive, thanks to improved volumes and pricing of our attractive markets in the US and Europe. Completion of growth-oriented projects will result in further margin performance,” said the company.
EBITDA rose 63.1% to €540.3 million, supported better sales of all main products, pricing, operational efficiencies and improved performance of energy cost, explained Titan.
It also highlighted in its press release on 2023 results that S&P has upped the company’s rating to “BB with positive outlook”.
On the environmental front and considering that concrete accounts for 8% of global CO2 emissions, Titan said it has cut emissions by “11kg year-over-year to 608 kg/ton of cementitious product”.
The company also pointed out that it has an “AA” score in MSCI ESG ratings and will be participating in a Greece-based carbon capture project called “IFESTOS” and has signed a €234 million grant agreement with the EU Innovation Fund to this end.
