Displaying items by tag: Greece
Titan Group joins the Global Cement and Concrete Association
26 September 2018Greece/UK: Titan Group has joined the Global Cement and Concrete Association (GCCA), a global organisation dedicated to strengthening and promoting the sector’s contribution to sustainable construction. The cement producer said that its participation would build on its commitment to, “actively engage in collaborative initiatives aiming to address global sustainability challenges.”
Launched in January 2018, the GCCA intends to become a respected industry voice and trusted source of information on sustainable construction. It complements and supports the work done by cement associations at national and regional level. As of January 2019 GCCA will incorporate the activities of the Cement Sustainability Initiative (CSI) following a strategic partnership with the World Business Council for Sustainable Development (WBCSD).
Israel could slap 20% duty on cement from Turkey and Greece
24 August 2018Israel: Danny Tal, the commissioner for trade levies at the Israeli Ministry of Economy and Industry, will recommend duties on cement imports from Greece and Turkey. Nine different manufacturers will be affected by anti-dumping duties of 7-20%.
Tal drew up the duties following a complaint by cement maker Har-Tuv, which said continued cheap imports would lead to its closure. The complaint was also supported by Nesher Cement, Israel’s only clinker producer.
Tal concluded that the Greek and Turkish companies had violated fair trade rules, with the Greek companies generally ‘dumping’ at lower prices than the Turkish ones.
"We welcome the decision to protect the local industry from illegal imports and to maintain the industry and fair competition over time, and we hope that the recommendation will be adopted and implemented by all relevant levels as soon as possible," said Har-Tuv.
Turkey exported US$124m worth of cement in 2017
31 July 2018Turkey: İsmail Bulut, the head of the Turkish Cement Manufacturers Association (TÇMB), says that the local industry exported US$124m of cement in 2017. He told the Daily Sabah newspaper that the sector has a production capacity of 81Mt/yr. TÇMB data shows that it exported 7.98Mt of cement in 2017 to nearly 100 countries. The top destinations for Turkish cement included Syria, the US, Israel and Ghana. It also exported 4.93Mt of clinker led by Ghana, Colombia, Ivory Coast and Guinea. Despite the high levels of exports, the country also imported relatively small amounts of clinker for Greece and Bulgaria in 2017.
Greece: Titan Cement’s turnover fell during the first half of 2018 due to a stagnant US market and negative currency effects. Its turnover fell by 7.9% year-on-year to Euro713m in the first half of 2018 from Euro774m in the same period in 2017. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 14% to Euro122m from Euro142m. However, its net profit rose by 78% to Euro24.8m from Euro13.9m.
In the US the group reported that demand for cement continued to grow but that ‘exceptionally’ rainy weather in the eastern states held back sales and ‘production challenges’ in Florida had to be addressed through increased imports via its Tampa terminal. Turnover declined in Greece due to falling infrastructure projects and a poor house-building sector.
Markets in southeastern Europe reported mixed performance with overall turnover falling. In Egypt negative currency affects limited turnover although earnings rose in both local and Euro terms. In Turkey the net results of Adocim were close to the previous year’s levels. In Brazil a truck drivers’ strike in May 2018 dented a construction market that was showing ‘encouraging’ signs.
Titan’s turnover remains stable in 2017
28 March 2018Greece: Titan Group’s turnover fell slightly to Euro1.51bn in 2017. Bad weather, the devaluation of the Egyptian Pound and weakening of the US Dollar affected its operating results despite a buoyant US market. Its earnings before interest, taxation, depreciation and amortisation (EBTIDA) fell by 1.9% year-on-year to Euro273m in 2017 from Euro279m in 2016. Its net profit fell by 66.5% to Euro42.7m from Euro127m.
The cement producer’s turnover grew by 9.9% to Euro873m in the US despite Hurricane Irma in September 2017 and other poor weather effects. In Greece it reported that build activity weakened further in 2017. It said that although export volumes remained high, its profit margins were hit by the lowering value of the US Dollar and increased fuel prices. Overall, the turnover of its Greece and Western Europe region fell by 4.8% to Euro249m. In Southeastern Europe turnover rose by 10.5% to Euro226m due to increased demand for building materials. Turnover in the Eastern Mediterranean region fell by 36.5% to Euro158m due to negative currency effects in Egypt and a fall in cement demand.
Dimitris Hanis appointed as head of Heracles Group
21 February 2018Greece: Dimitris Hanis has been appointed as the chief executive officer (CEO) of Heracles Group, a subsidiary of LafargeHolcim. Hanis began working in Heracles Group in 2003 and has since taken executive positions in the group, according to the Athens News Agency. Heracles Group is the largest cement producer in Greece, with more than 100 years of presence in the market. It operates a network of 33 production and commercial facilities in the country.
Titan benefits from US market so far in 2017
02 November 2017Greece: Titan Cement’s sales and operating profit have all benefited from growth in the US so far in 2017. The group’s net sales grew by 1.8% year-on-year to Euro1.14bn in the first nine months of 2017 from 1.12bn in the same period in 2016. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 4.6% to Euro215m from Euro205m.
In the US sales grew by 14% to Euro667m in the year to date, despite a poor third quarter due to disruption by hurricanes and other weather events. In the group’s Greece and Western Europe region, sales fell by 3% to Euro190m and earnings fell also. However, sales rose in Southeastern Europe by 10.5% to Euro173m although rising fuels costs dented its earnings. Market conditions remained ‘challenging’ in Egypt with demand for building materials in 2017 estimated to be about 8% below the previous year’s levels and prices still impacted by the low value of the Egyptian Pound. Overall, the group’s Eastern Mediterranean region saw its sales fall by 39% to Euro114m and earnings fell by 66% to Euro11.1m. Further issues were reported in Turkey due to competition but joint venture operations in Brazil saw faint improvements in the third quarter of the year.
Heracles Group launches online customer platform
28 September 2017Greece: Heracles Group, part of LafargeHolcim, has launched Xtizoume Mazi (Building Together), an online platform for marketing, product information and training. Via a new website its customers can find information about Heracles’ products and access training courses. The site will also allow access to the company’s loyalty scheme.
Greece: The US market has continued to drive Titan Group’s sales in the first half of 2017. Its overall turnover rose by 6.9% year-on-year to Euro774m in the first half of 2017 from Euro724m in the same period in 2016. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 18.9% to Euro142m from Euro120m. Over half of its turnover came from the US where the group noted rises in residential and infrastructure construction following economic growth and increased employment.
In the group’s other territories the situation was mixed, with the Greek construction market remaining depressed. Here cement consumption declined in the first half of 2017 following the end of several larger scale infrastructure projects during the early months of the year. Markets in Southeastern Europe delivered higher turnover but profits were hit by raising energy costs. Egypt continued to be negatively affected by the devaluation of the Egyptian Pound, although the group did manage to recapture sales volumes by increasing its fuel grinding capacity. Local competition arising from the start up of two new plants near to where its Adoçim subsidiary operates decreased sales volumes in Turkey and the construction market continued to decline in Brazil.
Israel: Danny Tal, the Trade Levies Commissioner at the Ministry of Economy and Industry, is investigating a claim that cement from Turkey and Greece is being dumped in the local market. The Melet Har Tuv Company originally made the claim to the ministry, according to the Globes business newspaper. In its claim Melet Har Tuv alleged that cement normally sold in Greece was being solid for about 85% of the value in Israel.
"The complainant has reasonably proved that it manufactures in Israel goods that are similar to the imported goods regarding the raw materials, manufacturing processes, physical attributes, marketing channels, the use and the treatment by consumers,” said Tal.
The country’s biggest cement producer Nesher supported the claim in April 2017 and this helped initiate the investigation. Data provided by Har Tuv to the Trade Levies Commissioner suggest that the market share the local cement companies have fallen following the increase of imports. Nesher’s market share fell to 65% from 75% and Melet Har Tuv’s share fell to 5.8% from 10%. It is alleged that LafargeHolcim is the main company ‘flooding’ the local market.