In 2023, TITAN Group achieved a strong financial performance across the board, by growing sales, boosting earnings, and strengthening balance sheet position and liquidity. The Group posted a record EBITDA result with double-digit profitability growth in all regions of activity despite currency weakness in the Eastern Mediterranean markets.
Supported by increased demand across its key markets, adapting pricing, counterbalancing persistent inflationary headwinds, along with better energy cost performance, the Group managed to restore profitability margins.
Cash generation grew significantly, while the Group maintained high levels of CapEx during the year, in line with the mandates of its Green Growth Strategy 2026, prioritizing deployment of funds towards growth, decarbonization, digital transformation initiatives and improved logistics capabilities.
Group sales in 2023 totaled €2,547.0 million, a 11.6% increase compared to the previous year, while EBITDA grew by 63.1%, reaching €540.3 million.
The Group's net profit after taxes and minority interests more than doubled, reaching €268.7 million from €109.7 million in 2022, despite FX losses -in Egypt and Turkey- and higher taxes. Earnings per Share (EPS) grew at 3.6 €/share, versus 1.45 €/share in 2022. Titan’s return on average capital employed (ROACE) in 2023, also increased significantly to 16.9%, compared to 7.0% in 2022.
Steadily increasing demand levels for the Group’s leading products across all main markets have resulted in In million Euro, unless otherwise stated FY 2023 FY 2022 % YoY Q4 2023 Q4 2022 % YoY Sales 2,547.0 2,282.2 +11.6% 654.8 620.4 +5.5% EBITDA 540.3 331.2 +63.1% 143.6 99.9 +43.8% Net Profit after Taxes & Minorities 268.7 109.7 +145.0% 71.0 20.6 +245.5% Earnings per Share (€/share) 3.60 1.45 +148.7%.
Titan’s resilience has validated anew the Group’s strategic geographic selections in positions that have exhibited strong market fundamentals and have performed well despite periodic patterns of cyclicality. In 2023, the Group’s domestic cement sales posted growth, increasing by 2% to 17.5 million tons, while total cement exports to third parties were curbed, as more exports were directed to the Group’s own terminals in the US and Europe.
Volumes of ready-mix were reinforced owing to expanded demand leading to a 5% increase year over year
bringing the total ready-mix concrete volumes of the Group to 5.9 million m3
. Group aggregates’ sales also
increased, growing by 4% to a total of 19.9 million tons in 2023 driven by substantial demand in Greece.
Greece delivered a very good year
Greece delivered a very good year, closing with a strong fourth quarter. The drivers of the construction market were varied and geographically broad-based: new residential development, large and smaller infrastructure projects, new land development and the ever-burgeoning tourism infrastructure investments. The Group was able to capitalize on the growth of the Greek domestic market owing to its presence in the highest growth areas, the establishment of new units in the vicinity of new project development as well as by investing in expanding storage capacity and investing in Ready-Mix trucks and pumps. It should be noted that the Group’s cement containing a greater share of pozzolans now covers approximately 80% of the Greek market while third-party sales out of its recent participation in a pozzolan and perlite business on Yali are increasing. Significant double-digit growth rates were recorded across all product sales volumes, while the Group’s vertically integrated positioning in the country, contributed to the increased sales of new higher-margin products as well as a rapidly growing mortars segment.
Building on the strong
local positioning, we recently (Jan’24) acquired a quarry in Attica with over 40 million tons in reserves, significantly
enhancing our capacity to meet the increased demand of the region. This marks our third strategic move in the last
year to expand reserves, encompassing areas such as greater Thessaloniki and Southern Peloponnese.
Cement exports remained strong for another year, with the US being Greece’s biggest export market and our
European terminals also delivering good results. Improved profitability was recorded thanks to higher global prices
in seaborne traded cement across all export markets from our Greek plants. Specific net CO2 emissions dropped in
2023, while the pre-calciner at the Kamari plant, which has been operational since the second half of the year, will
further increase the usage of alternative fuels to record levels and contribute to the decrease of CO2 emissions.
Sales for Greece and Western Europe in 2023 increased by 22% to €407.8 million, while EBITDA more than doubled
to €64.7 million compared to €31.8 million in 2022.
