Displaying items by tag: Greece

Greece: Titan Cement Group reported sales of Euro1.23bn in the first half of 2023, up by 19% year-on-year from Euro1.04bn in the first half of 2022. Its sales rose by 25% to Euro736m in the US, by 21% to Euro197m in Greece and Western Europe and by 16% to Euro195m in Southeast Europe. However, they fell by 11% to Euro101m in the Eastern Mediterranean. The producer noted a cement demand decline in Brazil of 1.6%. Titan Cement Group's consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 77% to Euro241m from Euro136m.

Chair Marcel Cobuz said “An excellent first half of the year with strong pricing over costs and increased percentage of low carbon sales reaching 25% in infrastructure and building projects across the group. We are well on track for a record year of growth and an accelerated roadmap of decarbonisation and digitalisation.”

Greece: The IFESTOS carbon capture project at Titan Group's Kamari cement plant was among eight CO₂ emissions-reducing projects chosen for funding following the latest EU Innovation Fund call for projects. IFESTOS consists of a planned 1.9Mt/yr carbon capture installation at the Kamari plant. Titan Group says that it has concluded necessary memoranda of understanding (MoUs) with suppliers. The IFESTOS project will receive a share of a funding pot worth a total Euro3.6bn.

Chair Marcel Cobuz said "We are truly excited that the European Commission has chosen to support our large-scale, highly innovative project. IFESTOS is a cornerstone of our accelerated decarbonisation roadmap to net-zero. In line with EU climate policy, together with our technology partners, we are pioneering an innovative carbon capture project, the largest in Europe, with a highly positive impact. The group has strong capabilities and is committed to executing this project fast over the next few years, decarbonising production and offering green growth opportunities to our customers in Europe. We embrace the opportunity to widely share our knowledge and expertise and promote green cements as modern materials for infrastructure and housing.”

Greece: Titan Group has successfully commissioned an upgrade to the pre-calciner system of its Kamari cement plant in Voiotia. Titan Group says that this will enable the 3.1Mt/yr plant to expand its range of lower carbon cements, reducing its CO₂ emissions by 150,000t/yr. It also increases the plant's maximum possible alternative fuels (AF) substitution rate.

Titan Group’s Europe regional executive director Yanni Paniaras said "The completion of the Kamari plant upgrade represents a significant achievement for Titan Group. We are witnessing tangible results as our green innovation gains momentum and takes shape. This successful implementation of one of our major capital expenditure projects exemplifies our dedication to sustainable operations and strategic growth, while we continue to pursue more growth opportunities in all our active markets. We are committed to offering our customers and communities greener products and solutions, playing our part in building a sustainable future for all.”

Greece/Belgium: Titan Cement International has bought back a further Euro313,000-worth (0.4%) of its shares. The latest buyback increases its ownership stake to 4.4%. The cement producer bought the shares via the Athens Stock Exchange and Euronext Brussels exchange.

Greece: Titan Cement Group published its 2022 Integrated Report on 6 April 2023. The report outlines the cement producer’s financial and environmental, social and governance (ESG) performance. For the full year, the group recorded a net profit of Euro110m, up by 19.3% year-on-year. It made ‘record’ capital expenditure investments of Euro242m, and increased its net debt by 12% to Euro797m.

The group says that it is ‘on track’ to meet its ESG targets for 2025 and beyond. It reduced its specific CO₂ emissions by 5% decade-on-decade in 2022. Throughout the year, Titan Cement Group continued its investments in research, development and innovation activities across all markets, with an increased focus on carbon capture, storage and utilisation. It also rolled out its digital transformation to further plants around the globe.

Greece: Titan Cement Group’s sales rose by 33% year-on-year to Euro2.28bn in 2022, while its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 20% to Euro331m. The producer sold 17.2Mt of cement, up by 2% year-on-year from 16.8Mt. Its USA sales rose by 34% to Euro1.31bn, its Southeastern Europe sales rose by 33% to Euro386m, its Greece and Western Europe sales rose by 22% to Euro326m, its Eastern Mediterranean sales rose by 48% to Euro256m and its Brazil-based joint venture Apodi’s sales rose by 38% to Euro115.9m. During the year, the group commenced exports of Type IL Portland limestone cement (PLC) from its Samsun, Türkiye, cement terminal to the US.

Group chair Marcel Cobuz said “The great performance results highlight the group's ability to adapt to market conditions and to activate effective growth strategies, driving positive financial performance mainly in US and Europe, where we serve the majority of our customers and have close to 90% of our sales. They also underscore the group’s resilience, adaptability and commitment of all our great teams to transform the group commercially and technologically while digitising our customer journey and decarbonising aggressively, delivering long-term value to all our stakeholders.”

Greece/Italy: The Hercules international research project, which has 27 partners from 10 countries, has been launched officially at Milan Polytechnic, Italy. Hercules, an acronym for ‘Heroes in Southern Europe to decarbonise industry with CCUS’ will test new solutions in the CO₂ capture, transport, use and storage value chain and transform them into a scalable industrial process. Buzzi Unicem and Titan Group are two of the 27 partners, alongside waste-to-energy players and developers of advanced CO₂ capture equipment. This includes ‘calcium looping’ technology from Finnish Sumitomo SHI FW and cryogenic purification technology from TPI in Italy.

A part of the pure CO₂ flow will be destined for use in production processes. These include the production of new cementitious materials that could replace conventional concrete, as well as uses in the technical gas sector. Hercules will also investigate the transport of CO₂ from the industrial capture sites to geological storage sites at Ravenna (Eni) and Prinos (Energean). The gas will be handled by Air Liquide and Titan Cement.

Greece: Titan Cement has acquired a share in Aegean Perlites. The company operates perlite and pozzolan quarries on the island of Yali. It also has access to port facilities. Titan Group says it is making the investment to gain direct access to pozzolan reserves to increase its volume of pozzolan-based cementitious products with a lower clinker factor. The deal is connected to Titan’s target to reduce its CO₂ emissions by 35% by 2030, compared to 1990 levels, and increase the share of green products in its portfolio to over 50%.

Yanni Paniaras, the Group Executive Director Europe of Titan, said “We are pleased to partner with the Govdelas family as joint shareholders in Aegean Perlites, building on our excellent long-term collaboration and aiming to grow our business, maximising the high potential of the Yali pozzolans.”

Greece: Titan Cement International stated in its preliminary results for 2022 that it expects to record Euro2.25bn in consolidated sales for the year. The figure corresponds to growth of 32% year-on-year from full-year consolidated sales of Euro1.71bn in 2021. The group's anticipated earnings before interest, taxation, depreciation and amortisation (EBITDA) are Euro330m, up by 20% year-on-year from Euro275m. Meanwhile, preliminary net debt fell by 12% year-on-year to Euro800m from Euro912m.

During the fourth quarter of 2022, Titan Cement International noted a 'significant improvement' in profitability quarter-on-quarter in its Southeast Europe and US regions. This came about partly due to a decline in electricity costs. The producer noted the success of its cost-saving actions in the area.

Kuwait: ACICO Group has appointed Vassilis Mavridis as its Group Chief Operating Officer for Factories. He previously worked for Sibline as its Chief Operating Officer in Lebanon. Prior to this he worked for Titan Cement in Greece for around 18 years, eventually becoming the plant manager of the Thessaloniki Plant from 2003 to 20211 (2021 or 2011?). Mavridis holds a master’s degree in mechanical engineering from the Aristotle University of Thessaloniki and qualifications from Cranfield University in the UK and the Harvard Business School.