In the first half of 2024, the sales of the TITAN Group showed a 7.6% increase and amounted to 1.323 billion euros, with all geographical sectors contributing to the rise in turnover and sales volumes increasing, as a result of which they reached for another once dynamic performance, as pointed out in a related announcement. Cement prices remained at good levels and regional variations were small, while there were selective price increases in aggregates and ready-mixed concrete. Operational efficiency through higher productivity, improved energy efficiency and enhanced digital processes in production further contributed to the Group’s profitability.

EBITDA profits stood at 281.4 million euros, recording an increase of 16.7% compared to the first half of 2023, despite the continued pressure of cost factors – such as labor costs, transport costs and raw material prices – in all the regions in which we operate and despite the particularly high levels of electricity prices in Greece.

The profit margin for the last twelve months (July 2023-June 2024) increased by 22.0%, thanks also to the improved profitability of ready-mixed concrete and aggregates. The main markets of the Group continued their steady upward trend, while the US market recorded a better performance, despite adverse weather conditions and the prolonged maintenance of high interest rates. Greece benefited from growing domestic demand and sales strengthened across all of the Group’s product categories, while South East Europe continued to move upwards, thanks to increased demand for cement in almost all countries.

Demand in the Turkish market showed a strong increase, while in Egypt it remained stable. In the first half of 2024, net profit after tax and minority interest (NPAT) increased to €148.7 million, up 34.1% compared to the same period last year. The positive dynamics of demand in the Group’s markets is reflected in all product categories, with domestic sales of cement increasing to 8.7m. tons, recording a 3% increase compared to the first half of 2023. In addition, an increase in cement and clinker exports was achieved. Similar upward trends were recorded in our other products: ready-mixed concrete sales increased by 8% compared to the same period last year and aggregate sales increased by 3%. Sales of cement blocks and fly ash also increased compared to the first half of 2023.

In Greece the performance in the first half of the year was very strong and domestic sales of cement, aggregates, ready-mixed concrete and mortars increased significantly. Consumption came from the housing sector, private sector projects and tourism-related investment, which characterizes the period before summer – the country’s main tourist season. The large public infrastructure projects have not yet had the expected momentum, but are expected to function positively after the summer. Cement prices remained at good levels, while there were increases in other products, such as aggregates, ready-mixed concrete and mortars. However, higher electricity prices and lower – relative to 2023 highs – cement export prices to the US limited Greece’s profitability. The rates of thermal substitution at the Kamari plant, after the operation of the prelimer, increased to record levels and exceeded 50%, while other additional investments are already planned with the aim of further optimizing the use of alternative fuels, such as by increasing the of hydrogen use. In the first half of the year, the Group also launched ‘CEM IV’, the new pozzolanic cement with a much lower carbon footprint than the ‘CEM II’ in use today and aspires to replace 70% of ‘CEM II’ sales » by the end of the year, making significant progress towards reducing CO2 emissions. Total sales for Greece and Western Europe during the first half of 2024 increased by 10.7% compared to the corresponding period last year and reached 218.5 million euros, while EBITDA profits amounted to 30.9 million euros compared to 36, 3 million euros during the first half of 2023.

Marcel Cobuz, Chairman of the Group’s Executive Committee said: “In the first half of the year we have recorded excellent performance, with a clear focus on commercial activities and accelerated implementation of the Group’s 2026 strategy in all our markets. We seek to implement strategic projects, creating value for all stakeholders, focusing on carbon footprint reduction, digital transformation and promoting commercial transformation and excellent customer service.”

Michalis Kolakidis, TCI CEO & Group CFO said: “We are particularly pleased with our strong performance so far this year, which has been a result of strong sales, improved operational performance and increased profitability. The strengthening of our economic sizes gives us the possibility for further investments in the USA and Europe, as well as for continuous value creation. We are optimistic that our efforts will create further value for our stakeholders in the second half of the year and beyond.”