Greece: Titan Cement has published its integrated annual report for 2019, a year in which its net profit fell by 5.5% year-on-year to Euro50.9m from Euro53.8m in 2018 and sales rose by 8.0% to Euro1.61bn from Euro1.49bn. The company noted its ‘sustained performance and stronger cash flow generation’ throughout the year, with growing demand in the US and Southeastern Europe and the beginning of growth in Greece, in spite of a 7.0% year-on-year fall in cement volumes to 17.0Mt from 18.2Mt in 2018. Challenging conditions in Egypt and Turkey caused the group’s performance to deteriorate.
Titan Cement said that it is ‘on track to meet the Group’s 2020 sustainability targets and has already met ‘all targets related to emissions and water consumption.’ It acknowledged inevitable ‘short-term impacts’ of coronavirus, including reduced sales volumes ‘particularly and more severely in the second quarter of 2020,’ and has strengthened its liquidity position to Euro400m.
