Full Year Results 2022

Record sales and strong profitability growth in all markets, in a year marked by cost inflation and uncertainties.

Brussels, 22 March 2023, 08:30 CET – Titan Cement International SA (Euronext Brussels, ATHEX and Euronext Paris, TITC) announces the fourth quarter and full year 2022 financial results.

  • Second consecutive year of record Group sales of €2,282.2m, up 33.1%, following a very strong Q4. US and Greece represent over 70% of Group sales.
  • EBITDA rose to €331.2m with all regions posting double-digit profitability increase. Recovering EBITDA margins with solid volumes, dynamic pricing, cost-efficiency actions, and favourable USD offset sharp rise in energy and distribution costs.
  • Very strong Q4 2022 with EBITDA growth for third consecutive quarter. Q4 EBITDA at €96.7m vs €55.6m in 2021.
  • Earnings per share increased by 24.4%. NPAT reached €109.7m(+19.3%), despite FX losses in Egypt. Hyperinflation accounting applied in Turkey with practically neutral NPAT impact after taking a €21.8m goodwill impairment charge.
  • Net debt closed at €797.3m (+€84m) following record CapEx (€241.9m) to achieve growth, energy cost efficiencies, optimize logistics costs, and expand capacities, as well as for more working capital to support sales growth. Leverage ratio reduced to 2.4x.
  • Highest annual specific CO2 emissions reduction (-5%) recorded in the last decade with higher use of alternative fuels and lower clinker-to-cement ratio. Green products and solutions approaching 20% of sales volumes. High ESG ratings.
  • Group digital transformation rolled out to more plants, with production efficiencies in the form of increased output and energy cost savings, as well as with machine failure prediction detection, results in significant financial benefits.
  • Focus on shareholder returns. Over €60m paid in 2022 as capital reduction distribution to shareholders and for share buybacks. The Board proposes a dividend payment of €0.60 per share.
  • Outlook remains positive given exposure to resilient markets in America as well as in Europe. Large growth and logistics investments to be finalized in 2023.

Download here the press release :

TITAN_CEMENT_GROUP_FY_RESULTS_2022

PDF - 571 Kb

Press Contact :

Sabine Leclercq

Sabine Leclercq

Sr PR Consultant, Backstage Communication

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Over TITAN Cement International

Titan Cement Group is a multiregional cement and building materials producer. Business activities cover the production, transportation and distribution of cement, concrete, aggregates, fly ash, mortars and other building materials. The Group employs about 5,400 people and is present in more than 15 countries, operating cement plants in 10 of them, the USA, Greece, Albania, Bulgaria, North Macedonia, Kosovo, Serbia, Egypt, Turkey and Brazil. Throughout its history the Group has aspired to serve the needs of society, while contributing to sustainable growth with responsibility and integrity.

Titan Cement International SA, is the parent company of TITAN Cement Group. For more information, visit the Group’s website at www.titan-cement.com.

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www.titan-cement.com