Displaying items by tag: Greece
Titan Group commissions upgraded Kamari cement plant
27 June 2023Greece: Titan Group has successfully commissioned an upgrade to the pre-calciner system of its Kamari cement plant in Voiotia. Titan Group says that this will enable the 3.1Mt/yr plant to expand its range of lower carbon cements, reducing its CO2 emissions by 150,000t/yr. It also increases the plant's maximum possible alternative fuels (AF) substitution rate.
Titan Group’s Europe regional executive director Yanni Paniaras said "The completion of the Kamari plant upgrade represents a significant achievement for Titan Group. We are witnessing tangible results as our green innovation gains momentum and takes shape. This successful implementation of one of our major capital expenditure projects exemplifies our dedication to sustainable operations and strategic growth, while we continue to pursue more growth opportunities in all our active markets. We are committed to offering our customers and communities greener products and solutions, playing our part in building a sustainable future for all.”
Greece/Belgium: Titan Cement International has bought back a further Euro313,000-worth (0.4%) of its shares. The latest buyback increases its ownership stake to 4.4%. The cement producer bought the shares via the Athens Stock Exchange and Euronext Brussels exchange.
Titan Cement Group publishes 2022 Integrated Report
06 April 2023Greece: Titan Cement Group published its 2022 Integrated Report on 6 April 2023. The report outlines the cement producer’s financial and environmental, social and governance (ESG) performance. For the full year, the group recorded a net profit of Euro110m, up by 19.3% year-on-year. It made ‘record’ capital expenditure investments of Euro242m, and increased its net debt by 12% to Euro797m.
The group says that it is ‘on track’ to meet its ESG targets for 2025 and beyond. It reduced its specific CO2 emissions by 5% decade-on-decade in 2022. Throughout the year, Titan Cement Group continued its investments in research, development and innovation activities across all markets, with an increased focus on carbon capture, storage and utilisation. It also rolled out its digital transformation to further plants around the globe.
Titan Cement Group’s sales rise in 2022
22 March 2023Greece: Titan Cement Group’s sales rose by 33% year-on-year to Euro2.28bn in 2022, while its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 20% to Euro331m. The producer sold 17.2Mt of cement, up by 2% year-on-year from 16.8Mt. Its USA sales rose by 34% to Euro1.31bn, its Southeastern Europe sales rose by 33% to Euro386m, its Greece and Western Europe sales rose by 22% to Euro326m, its Eastern Mediterranean sales rose by 48% to Euro256m and its Brazil-based joint venture Apodi’s sales rose by 38% to Euro115.9m. During the year, the group commenced exports of Type IL Portland limestone cement (PLC) from its Samsun, Türkiye, cement terminal to the US.
Group chair Marcel Cobuz said “The great performance results highlight the group's ability to adapt to market conditions and to activate effective growth strategies, driving positive financial performance mainly in US and Europe, where we serve the majority of our customers and have close to 90% of our sales. They also underscore the group’s resilience, adaptability and commitment of all our great teams to transform the group commercially and technologically while digitising our customer journey and decarbonising aggressively, delivering long-term value to all our stakeholders.”
Hercules CCUS project officially launched
17 February 2023Greece/Italy: The Hercules international research project, which has 27 partners from 10 countries, has been launched officially at Milan Polytechnic, Italy. Hercules, an acronym for ‘Heroes in Southern Europe to decarbonise industry with CCUS’ will test new solutions in the CO2 capture, transport, use and storage value chain and transform them into a scalable industrial process. Buzzi Unicem and Titan Group are two of the 27 partners, alongside waste-to-energy players and developers of advanced CO2 capture equipment. This includes ‘calcium looping’ technology from Finnish Sumitomo SHI FW and cryogenic purification technology from TPI in Italy.
A part of the pure CO2 flow will be destined for use in production processes. These include the production of new cementitious materials that could replace conventional concrete, as well as uses in the technical gas sector. Hercules will also investigate the transport of CO2 from the industrial capture sites to geological storage sites at Ravenna (Eni) and Prinos (Energean). The gas will be handled by Air Liquide and Titan Cement.
Titan Cement buys share in Aegean Perlites
14 February 2023Greece: Titan Cement has acquired a share in Aegean Perlites. The company operates perlite and pozzolan quarries on the island of Yali. It also has access to port facilities. Titan Group says it is making the investment to gain direct access to pozzolan reserves to increase its volume of pozzolan-based cementitious products with a lower clinker factor. The deal is connected to Titan’s target to reduce its CO2 emissions by 35% by 2030, compared to 1990 levels, and increase the share of green products in its portfolio to over 50%.
Yanni Paniaras, the Group Executive Director Europe of Titan, said “We are pleased to partner with the Govdelas family as joint shareholders in Aegean Perlites, building on our excellent long-term collaboration and aiming to grow our business, maximising the high potential of the Yali pozzolans.”
Greece: Titan Cement International stated in its preliminary results for 2022 that it expects to record Euro2.25bn in consolidated sales for the year. The figure corresponds to growth of 32% year-on-year from full-year consolidated sales of Euro1.71bn in 2021. The group's anticipated earnings before interest, taxation, depreciation and amortisation (EBITDA) are Euro330m, up by 20% year-on-year from Euro275m. Meanwhile, preliminary net debt fell by 12% year-on-year to Euro800m from Euro912m.
During the fourth quarter of 2022, Titan Cement International noted a 'significant improvement' in profitability quarter-on-quarter in its Southeast Europe and US regions. This came about partly due to a decline in electricity costs. The producer noted the success of its cost-saving actions in the area.
Kuwait: ACICO Group has appointed Vassilis Mavridis as its Group Chief Operating Officer for Factories. He previously worked for Sibline as its Chief Operating Officer in Lebanon. Prior to this he worked for Titan Cement in Greece for around 18 years, eventually becoming the plant manager of the Thessaloniki Plant from 2003 to 20211 (2021 or 2011?). Mavridis holds a master’s degree in mechanical engineering from the Aristotle University of Thessaloniki and qualifications from Cranfield University in the UK and the Harvard Business School.
Science Based Targets initiative validates Titan’s emission targets
11 November 2022Greece: Titan Group says that its updated 2030 greenhouse gas (GHG) emissions reduction targets have been validated by the Science Based Targets initiative (SBTi) as consistent with the levels required to limit a global temperature increase to 1.5°C. With the new targets the cement producer intends to tackle direct (Scope 1) emissions, indirect emissions from the generation of purchased electricity (Scope 2), and also other indirect emissions from the supply chain (Scope 3).
The company plans to reduce Scope 1 (gross), 2 and 3 (gross) GHG emissions covering in produced and purchased cement and clinker, by 25.1% per tonne of cementitious product sold by 2030, from a 2020 base year. Within this target it intends to reduce Scope 1 GHG emissions (gross) by 22.8% per tonne of cementitious product and to reduce Scope 2 GHG emissions by 58.1% per tonne of cementitious product from a 2020 base year. It also intends to reduce absolute Scope 3 GHG emissions from the use of sold fossil fuels by 42% from a 2021 base year. A Global Cement estimate suggests that it aims to reduce its specific net Scope 1 CO2 emissions to around 520kgCO2/t of cementitious product in 2030 compared to 654kgCO2/t in 2021.
Strong third quarter drives Titan Group’s sales
10 November 2022Greece: Titan Group says that strong sales in the third quarter of 2022 has driven its performance so far in 2022. Its sales rose by 32% year-on-year to Euro1.66bn in the first nine months of 2022 from Euro1.26bn in the same period in 2021. Its earnings before interest, taxation, depreciation and amortisation (EBIDTA) grew by 7% to Euro235m from Euro220m. It attributed its sales growth to higher sales volumes and higher prices more than sufficiently offsetting growing energy and transport costs. Strong performance was reported in the US and construction market was described as recovering in Greece. Elsewhere, high energy costs were said to be reducing demand in Southeast Europe, market problems in Turkey continued but the group raised its prices and increased exports, saes volumes increased in Egypt and a decline was noted in Brazil.