Titan Cement Posts Record Growth in 2023

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.