Greece: Titan Cement’s sales and operating profit have all benefited from growth in the US so far in 2017. The group’s net sales grew by 1.8% year-on-year to Euro1.14bn in the first nine months of 2017 from 1.12bn in the same period in 2016. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 4.6% to Euro215m from Euro205m.
In the US sales grew by 14% to Euro667m in the year to date, despite a poor third quarter due to disruption by hurricanes and other weather events. In the group’s Greece and Western Europe region, sales fell by 3% to Euro190m and earnings fell also. However, sales rose in Southeastern Europe by 10.5% to Euro173m although rising fuels costs dented its earnings. Market conditions remained ‘challenging’ in Egypt with demand for building materials in 2017 estimated to be about 8% below the previous year’s levels and prices still impacted by the low value of the Egyptian Pound. Overall, the group’s Eastern Mediterranean region saw its sales fall by 39% to Euro114m and earnings fell by 66% to Euro11.1m. Further issues were reported in Turkey due to competition but joint venture operations in Brazil saw faint improvements in the third quarter of the year.
