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Titan announces significant rise in net profitability

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World Cement,

Titan Group recorded a significant increase in net profit in 2016, the company said in a recent press release, on the back of growth in the US market and recovery in Egypt. Net profit rose by 277.6% to €127.4 million over the course of last year. Net profit in 2015 was €33.8 million.

“Once again in 2016, the US market was the main source of growth for the group,” the company said. “The increase in sales, in conjunction with the €200 million capital expenditure programme undertaken by the group over the last three years, has led to a significant improvement in operating results.”

The US accounts for 53% of Titan’s sales and 52% of its operating profitability. The company also benefited from a €89.6 million deferred tax asset recognition in the US last year, associated with previously unrecognized carry-forward net operating losses generated in previous years.

Titan’s Egyptian business grew turnover by 28.3% in local currently terms – although only 3.5% in euro terms after the significant devaluation of the Egyptian pound. Earnings more than doubled, however, to €40.8 million, compared to €15 million in 2015.

Earnings from the Greek and Western Europe business were down 18.9%, as construction activity in Greece remained close to fifty-year lows. In southeastern Europe, construction activity exhibited regional variations, with demand growing in the central Balkans, but declining in the east and west. Earnings were up slightly at 0.8%.

“Prospects for the group in 2017 appear positive, despite the considerable challenges and uncertainties around the globe,” the company said. “At the present juncture, the growing US market remains the main source of growth and profitability for Titan.”

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