The last quarter of 2022 proved to be very dynamic for him. Titan Group, thanks to very positive results in the US market, as well as an improved image in the markets of South-Eastern Europe. In this context, according to data released yesterday by the listed company, temporary earnings before taxes, interest and amortization (EBITDA) increased by 75% to 98 million euros, up 42 million euros compared to the corresponding quarter. 2021. The cost reduction measures implemented by the group, such as the optimization of the production process through the use of high-tech automation and resource management, also played an important role in this improvement.

In this regard, for the whole of 2022, the management of the group expects record sales of more than 2.25 billion euros. If this assessment is confirmed, then the increase compared to 2021 will be about 31.5%, provided that the corresponding figures do not exceed 1.71 billion euros. Accordingly, operating EBITDA is projected to exceed EUR 330 million compared to EUR 275 million in 2021, an increase of 20%. It should be noted that during 2022 there have been successive price adjustments for materials, such as, for example. cement and concrete in both the US market and the Greek market to offset the increase in production costs due to rising energy costs for the Titan group. At the same time, at the end of 2022, the group notes that net borrowings fell below 800 million euros, compared to 912 million euros in the third quarter of the year.

In the US, construction and construction activities continue to fuel the group’s revenues and profits, according to group management. In particular, as noted, “contracts for the future execution and the number of completed projects remain at a high level, while the number of unsold houses is at a low level, despite the fact that higher mortgage rates have slightly reduced the demand for purchasing power, mainly for private houses. At the same time, however, demand for housing estates remains robust. Activity in infrastructure projects funded by the state or the federal government is picking up and is expected to continue growing in the second half of 2023.

As for the markets in Southeast Europe, the group notes that Egypt’s recent agreement with the IMF on a new support program is expected to help address the country’s macroeconomic difficulties. “An extension of the cement production control mechanism by one more year with increased volumes provides a safety net for the group in terms of sustaining cement production and profitability of its operations while reducing cost levels.”

Accordingly, in the Turkish market, the implementation of a dynamic pricing policy and the strengthening of new export opportunities of the group contributed to the improvement of profitability, despite the fact that the construction activity in the country is “suffering” from a sharp deterioration in the economic environment. historically high inflation.

It is noted that the management of the Titan group also approved the implementation of a new equity capital program in the amount of 10 million euros and a duration of up to ten months. The new program will start after the end of the existing program in early March.