Displaying items by tag: Titan Cement
Switzerland: Holcim has appointed Jelena Stamenkovski as Lead of Clinker Decarbonisation.
Stamenkovski has worked for Holcim Group since 2008. She originally held senior production roles at Holcim’s subsidiary in Serbia. In 2015 she took up group process roles based in Switzerland, becoming the company’s Cement Industrial Operating System Manager from 2017 to 2021. She later became the Group Process Expert - Plants of Tomorrow – Decarbonisation in 2023. Prior to working for Holcim she worked at Titan Cement’s Skopje plant in North Macedonia.
Stamenkovski holds undergraduate and master’s degrees in process engineering from Saints Cyril and Methodius University in Skopje.
Titan Cement International raises sales in 2023
20 February 2024Greece: Titan Cement International has published its preliminary results for 2023. The results indicate a 13% year-on-year rise in sales, to Euro2.54bn from Euro2.25bn in 2022. The unaudited figures show group earnings before interest, taxation, depreciation and amortisation (EBITDA) growth of 61% to Euro535m from Euro331m. As a result, it expects to more than double its net profit to Euro265m. The company's net debt ended the year at Euro660m, down by 17% from Euro797m a year earlier.
Titan Cement Group earns Climate A rating
07 February 2024Greece: Titan Cement Group has appeared on carbon disclosure organisation CDP's A List for corporate transparency and climate impact mitigation. The company achieved an A- for water security. Titan Cement Group says that the recognition aligns with its 2026 Green Growth strategy.
Titan Cement Group reduced its CO2 emissions by 10% between 2020 and 2023. In 2023, it commenced construction of the 1.9Mt/yr IFESTOS carbon capture and storage project.
Titan Cement International buys Vezirhan pozzolana quarry
30 January 2024Türkiye: Titan Cement International (TCI) has acquired concession rights to the Vezirhan pozzolana quarry in East Marmara. The quarry will help TCI to expand its low-carbon cement production capacity. By 2030, the company aims to reduce its CO2 emissions by 35% from 1990 levels, and include 50% green products in its portfolio.
Titan Group Eastern Mediterranean regional director Christos Panagopoulos said “Access to Vezirhan quarry’s strong reserves potential and high-quality material will allow Titan to further broaden the portfolio of low-carbon cementitious products available to its customers. The quarry has access to a deep port and railway transport, facilitating both land and seaborne distribution across Titan's global locations.”
Group chief sustainability and innovation officer Leonidas Canellopoulos said “Being future-ready for a net zero world is more than just an ambition for Titan, and the acquisition of concession rights in Vezirhan is part of our solid roadmap that entails over 100 initiatives, covering the entire scope of our geographic operations and span of our value chain.”
Greece: The EU Innovation Fund has awarded a Euro234m grant to Titan Group for its IFESTOS carbon capture and storage (CCS) project. Titan Group said that the project, the largest initiative of its kind in Europe, marks a ‘monumental leap forward’ in its decarbonisation journey. The company hopes that the project will help to promote the deployment of carbon capture technology in Greece and beyond.
IFESTOS director and project leader Aris Tsikouras said “This agreement solidifies our group’s role as leaders in driving transformative change in industrial decarbonisation across Europe. IFESTOS encapsulates our commitment to sustainability and innovation, forging a path toward a cleaner, greener and more resilient future for the industry, in line with EU climate policy.”
Cementarnica USJE takes new loans
17 November 2023North Macedonia: Titan Cement Group subsidiary Cementarnica USJE has secured the approval of its shareholders to take two new loans. In a submission to the Macedonian Stock Exchange, the company said that it plans to take one loan of between Euro9m and Euro18m from Titan Global Finance, and another of not more than Euro9m from Sharrcem Kosovo.
Titan Cement’s nine-month sales rise so far in 2023
10 November 2023Greece: Titan Cement reported increased sales during the first nine months of 2023. They grew by 14% year-on-year to Euro1.89bn. Sales rose by 24% in Greece and Western Europe, by 16% in the US and by 13% in Southeast Europe. However, they fell by 5.9% in the Eastern Mediterranean region. Meanwhile, the company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 72% to Euro397m. Group net profit more than doubled to Euro198m. Titan Cement maintained a level of capital expenditure in line with that in the first nine months of 2022, at Euro158m.
Titan Cement maintained its positive growth outlook for the full year in 2023, but expects to experience the effects of an anticipated ‘temporary cooling’ in global economic activity in 2024. The producer said that Euro8bn-worth of investments in on-going infrastructure projects in Greece will likely help to offset these effects locally.
Zlatna Panega Cement to upgrade Zlatnopanegki cement plant
16 October 2023Bulgaria: Titan Cement subsidiary Zlatna Panega Cement plans to invest Euro11m in sustainability-enhancing upgrades to its Zlatnopanegki cement plant in Lovech Province. The work centres around a Euro7m alternative fuels (AF) upgrade, to raise the plant’s AF substitution rate to 70% from 50% in 2022. Besides this, the producer will also invest Euro4m in the construction of a solar power plant at the facility. The solar power plant is scheduled for commissioning in March 2024. General manager Adamantios Frantzis said that the plant will subsequently move on to its ‘next big project,’ consisting of a Euro35 – 50m upgrade, in 2026 – 2028.
Zlatna Panega Cement invested Euro5.7m in capital expenditure throughout 2022, more than double its investments of Euro2.6m in 2021. It is committed to interim CO2 reduction targets of 5000t/yr (Scope 1) and 3000t/yr (Scope 2 and 3), and net zero CO2 emissions by 2050.
Rondo Energy raises US$60m from investors
18 August 2023US: Heat Battery developer Rondo Energy has concluded a financing round with US$60m raised in investments, Renewables Now News has reported. Investors included Siam Cement Group and Titan Cement Group, as well as Breakthrough Energy Ventures, Energy Impact Partners, the Climate Innovation Fund, Rio Tinto, SABIC, Aramco Ventures, SDCL Energy Efficiency Income Trust and John Doerr. Rondo Energy’s Heat Battery is a means of connecting cement plants and other industrial facilities to a constant supply of electricity ultimately derived from renewable energy sources.
CEO John O'Donnell said “Our Strategic Investor Advisory Board will help Rondo focus on the simplest, fastest ways to power their operations with low-cost clean energy and shape our priorities for ongoing research and development.”
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.”