Titan Cement Group: First Half 2020 Results
Growth in profitability and resilience amidst adversity
Brussels, 29 July 2020, 19:00 CEST – Titan Cement International SA (Euronext Brussels, ATHEX and Euronext Paris, TITC) announces the second quarter and half year 2020 financial results.
TITAN Group achieved stable revenue and growth in profitability in the first half of 2020, amidst the adversities set by COVID-19. Group management’s rapid response to shifting market conditions, the refocusing of priorities and the targeted strategy, were crucial in producing this strong and resilient performance. Delivery of such results was only made possible by the collective effort of management and employees while jointly striving to safeguard the lives and livelihoods of the Group’s employees and their families, business partners, customers and local communities.
TITAN Group - Overview of the first half 2020
Barring the sudden decrease in activity witnessed with the onset of lockdown measures in March and April, sales recovered significantly in most markets in May and June. Construction was deemed as an essential activity in the markets where the Group operates and all cement plants continued their operation, satisfying local market demand. Group consolidated revenue in the first half 2020 amounted to €786.3m, essentially flat (+0.1%) over the same period the previous year.
Targeted cost savings, the prevailing lower prices in solid fuels, combined with overall pricing resilience in our markets, translated into significant margin gains in the first six months of the year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) were up 12% reaching €136.8m, while Group EBITDA margin reached 17.4% from 15.6% in the first half of 2019. Net Profit after Taxes and minorities (NPAT) grew by €9m to €22.4m.
Dimitri Papalexopoulos, Chairman of the Group Executive Committee
“We were able to adjust quickly to continuously changing conditions. This allowed us to deliver improved profitability, while safeguarding the lives and livelihoods of our employees.”
After a good start to the year trends in sales volumes were affected by the spread of the pandemic and subsequent slowdown of markets. The rebound of construction activity witnessed in May and June partially offset the decline, bringing the overall volume performance closer to last year’s levels.
Cement and cementitious materials volume sales were impacted by lower exports from Greece and the lack of fly ash supply in the US, overall resulting in a decline of 2% compared to the 1st half of 2019. Ready-mix sales posted an increase of 1.3%, while aggregate sales were higher by 2.6%.
You will find attached the complete pdf version of : Titan Cement Group First Half 2020 Results.
29072020 TITAN Cement Group First Half 2020 Results
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This media release is also available on the website of Titan Cement International SA via this link https://ir.titan-cement.com
- For further information, please contact Investor Relations on +30 210 2591 257
- An analyst call will be held at 15:30 CEST on July 30 2020, please see: https://87399.themediaframe.eu/links/titan200730.html
DISCLAIMER: This report may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management’s current intentions, beliefs or expectations relating to, among other things, TITAN Group’s future results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this report regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this report. The information contained in this report is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it. In most of the tables of this report, amounts are shown in € million for reasons of transparency. This may give rise to rounding differences in the tables presented in the trading update. This trading update has been prepared in English and translated into French and Greek. In the case of discrepancies between the two versions, the English version will prevail.
Press Contact :
Sabine Leclercq