TITAN’s turnover increased by 22.6% in the first quarter of 2022 compared to the same period last year and amounted to 454.6 million euros, thanks to the higher price levels of all products in all countries of operation of the group and on the other hand because of constant demand

Earnings before interest, taxes, depreciation and amortization (EBITDA) fell by € 9.7 million to € 46.4 million, as price increases gradually offset rising energy and other costs.

According to the company, in most markets further price increases have been announced, which are applied within the first half of 2022. Net profit after taxes and minority interests (NPAT) in the first quarter decreased to € 1.3 million (compared to € 15.3 million in the first quarter of 2021), due to lower EBITDA levels and the negative impact of exchange rate fluctuations, mainly due to the devaluation of the Egyptian pound.

Regarding the free cash flows, due to seasonality, there were outflows of € 34.5m. due to the lower EBITDA, the higher investment costs of € 38.9m. and the increased needs for working capital of € 50.6 million.

The Group’s net debt at the end of March 2022 amounted to € 756.8m, levels corresponding to those of March 2021.

On March 17, 2022, the Board of Directors decided to return a dividend of € 0.50 per share to all shareholders who were registered in the Company’s share register on Thursday, April 28, 2022 (record date). The recovery of the refund amount was set for July 5, 2022.

Geographical performance for the first quarter of 2022

USA: The US market continues to grow significantly, with cement sales rising sharply and demand already outpacing domestic production. Demand for housing construction remains high, while there has been a recovery in the commercial real estate sector. Significant federal budget funds appear in increased activity for road infrastructure projects in many states. Amid higher demand, significant price increases took place in January, but these were implemented gradually and are not fully reflected in the results of the first quarter. Profit margins were affected by rising fare prices and consequently higher costs of imported cement, as well as rising prices for energy, logistics, raw materials and other costs. A second round of price increases has already been announced for June in order to cover the cost increase and restore profit margins. Sales of lower carbon footprint cement rose in all areas of activity, strengthening Titan America’s lead. Turnover in the US increased by 17.8% to € 267.6 million (an increase of 9.6% in US dollars), while earnings before interest, taxes, depreciation and amortization (EBITDA) decreased to € 24 million against € 38.5 million last year.

Greece & Western Europe: Construction activity in the Greek market is maintained at high levels, as domestic demand is moving upwards and price increases have been absorbed by the market. The construction activity continues both in the urban centers with the construction of houses and real estate, as well as in the region, with many public and municipal projects in progress. On the other hand, the general increase in the cost of construction materials has slowed down the start of new projects. In terms of exports, the US remains the main export destination for Greece. As in most markets, the prices of energy and electricity as well as other cost elements create adverse conditions which the Group faces with bill increases (at the end of the first quarter there was a new price increase) as well as with more efficient cost management through greater use of alternative fuels. At the same time, the digital transformation projects that are in progress in all the cement factories of the Group, lead to further improvement of the business operation. The total turnover for Greece and Western Europe in the first quarter of 2022 increased by 23.0% and amounted to € 69.9m, while earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 4.7% and amounted to € 6.3m

South East Europe: The region of South East Europe continues to grow and construction continued at a good pace in the first quarter of 2022. Price increases were successfully implemented in all markets and largely offset cost increases. There have been large increases in energy and electricity costs in the region, as energy needs are largely covered by imports and the Group has recently proceeded to further price increases to regain profit margins. In addition, the Group is constantly on the alert to manage the challenges aiming at continuous operational improvement, through the increased use of alternative fuels, through investments in solar energy projects and through other initiatives. During the first quarter of 2022 the turnover in the region increased by 30.0% and amounted to € 63.7m, thanks to the increase in sales and prices, while earnings before interest, taxes, depreciation and amortization (EBITDA) decreased from € 11 , 3cm. to € 10.7m. due to the sharp rise in energy costs.

Eastern Mediterranean: The cement market in Egypt continues to move in a growth trajectory and in the first quarter of 2022 increased by 4.7%. The rationalization of production imposed by the government last summer has reduced the gap between supply and demand and has led to improved operating profitability and higher price levels. Despite the macroeconomic challenges, during the quarter the market continued to rely on extensive public investment for workers’ housing and infrastructure projects. In Turkey, the macroeconomic challenges and implications of the war in Ukraine are reflected in the country’s real economy. Demand fell in the first quarter and sales fell as inflation exceeded 60%, government investment fell, costs skyrocketed and a very heavy winter prevailed. Cement prices rose as producers reacted quickly to offset inflationary pressures. The total turnover in the geographical sector of the Eastern Mediterranean amounted to € 53.4m, recording an increase of 41.9% compared to the corresponding period last year, while earnings before interest, taxes, depreciation and amortization (EBITDA) jumped to € 5.4m. against € 0.2 million in the first quarter of 2021.

Brazil (Consortium): The Brazilian market reflects growing inflationary pressures and rising interest rates, as well as the impetus for investment in workers’ housing and infrastructure, especially in the run-up to the October elections. In the first quarter of the year, the demand for cement in the country as a whole fell by 2.4%. At the same time, the significant increase in prices was not sufficient to offset the increase in cost items.


Global macroeconomic challenges have not abated since the company’s last report in March 2022. The world is still being held hostage by the tragic developments in Ukraine, which not only result in the loss of lives and the suffering of many people, but also have adverse consequences for the global economy in the form of inflationary pressures, supply chain problems and growing geopolitical uncertainty.

In the US, as concerns construction materials, the construction sector maintains its strong momentum, despite macroeconomic uncertainties. Activity in the housing market continues to boost demand. The infrastructure industry is expected to steadily boost demand from 2023 onwards, as the stimulus from large-scale infrastructure investment in the US will begin to be felt. In Europe at the moment, the outlook for the markets in which we operate remains positive. In Greece, EU-funded projects are expected to boost demand in the coming years.

In all geographical areas, cost pressures are estimated to be maintained and the Group will continue to cope by adjusting the prices of its products accordingly, in order to shield and improve its performance.

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