Greece: The consolidated revenues of the Titan Cement Group came to Euro371m in the first quarter of 2021, a decrease of 4% compared to the first quarter of 2020. The company said that the decline was due in part to the weakness of the US Dollar and currencies linked to it. It said that organic growth was solid, with revenue rising by 3% in local currency terms.
During the first quarter of 2021, Titan’s earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 38% to Euro56.1m compared to Euro40.6m in the same period of 2020. However, Titan noted that deferred maintenance costs, which will now be reflected in the second quarter of 2021, would have pegged its first quarter EBITDA back by around Euro8.3m.
The group said that 2021 started positively, with robust demand in the US, particularly in March 2021. It also observed solid market trends in Southeast Europe, as well as continued favourable momentum in Greece and some improvement in the eastern Mediterranean.
All product lines showed positive trends in terms of sales volumes. The group's cement and clinker sales increased by 3%, supported by increased demand in most markets. Ready-mixed concrete and aggregate sales volumes increased by 1% and 3% respectively.
