The US market drove a steady year for Titan Group in 2017 with turnover level at €1.506 billion and earnings marginally down at €273.4 million. US turnover was €873.2 million, an increase of 9.9%, while US earnings were up 27.5% at €185.1 million.
“Demand for building materials [in the US] continued on its secular growth trend,” Titan said in a press release announcing its 2017 results. “Titan America was well placed to benefit from the improving markets on the back of an extensive investment programme of about €240 million.”
Undertaken over the last three years, this investment programme has “improved operational efficiency and expanded ready-mixed concrete, aggregates, and fly-ash activities.”
Elsewhere, results were mixed with the company’s operations in southeastern Europe reporting a recovery in demand, albeit offset slightly by higher fuel costs. Building activity in Titan’s home market of Greece weakened further in 2017, while Titan’s Egyptian operations were hit by the devaluation of the Egyptian pound in late 2016.
Performance at the company’s joint ventures in Brazil and Turkey was also weaker. Demand in the Latin American giant continued its downward spiral, while greater competition in Turkey hit the company’s ability to take advantage of rising demand.
The headwinds in Greece and Egypt are likely to continue through 2018, the company added, with the US remaining the “main engine of growth and profitability.” There are also signs that Brazil may begin to recover this year with stronger economic growth anticipated.
Read the article online at: https://www.worldcement.com/europe-cis/05042018/titan-announces-steady-year-in-2017/