Titan Group announce Q324 results

Titan Group continued on its robust trajectory in the third quarter of this year, with sales reaching €662m, at similar levels to those of last year. This performance came as a result of sustained volumes and disciplined pricing, with the US and Greece increasing sales for another quarter, despite the serious disruptions caused by bad weather in the US. EBITDA for the quarter closed at €163.7m or +5.3% after non-recurring costs, against a strong 3Q23, with €8m one-off costs related to the IPO of the US business and an early retirement program in Greece. EBITDA margin for the quarter was maintained at elevated levels, thanks to continuous operational efficiency gains, improvements in the fuel mix and softer energy costs. Net Profit after Taxes & Minorities (NPAT) reached €81.9m.

Building on the strong performance of the third quarter of 2024 and despite the recent challenges with lost sales due to hurricanes and heavy rainfall in the US, the Group continued to exhibit growth in the first nine months of 2024, achieving sales of €1,984.5m, up by 4.9%, with all regions of the Group posting topline growth. Sustained pricing dynamics and increased volumes in all product lines have supported performance, with domestic cement sales up by 3%, ready-mix up by 7% and aggregates up by 8%. Group EBITDA, at the end of the first nine months, reached €455m (+15% growth). Against the backdrop of higher sales, increasingly tangible operating efficiencies and inflation still affecting increased logistics, labor and raw materials costs, the Group’s profitability margin expanded. Net profit after taxes and minority interests (NPAT) grew to €237.8m, up by 20%, compared to €197.6m achieved last year. The listing of the US operations on a New York stock exchange progresses according to plan, while significant steps have been completed and we remain on target to go to the market in 1Q25.

To read the full set of results, click here

Read the article online at: https://www.worldcement.com/europe-cis/11112024/titan-group-announce-qr24-results/