Displaying items by tag: Titan Cement

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.”

North 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.

Greece: 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.

Bulgaria: 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.

US: 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.”

Greece/US: Titan Cement Group has made new venture capital investments in two US-based disruptive technology suppliers. The cement producer enlarged its investment in energy storage specialist Rondo Energy, which has developed the Heat Battery. The technology enables cement plants and other industrial operations to access a constant supply of electricity using captive renewable energy sources. It also invested in venture capital firm Zacua Ventures, which handles a portfolio of companies involved in developing optimisation, automation and Construction 4.0 technology, including products relevant to the cement industry.

Titan Group Chief Sustainability and Innovation Officer Leonidas Canellopoulos said “We are committed to embracing innovation and fresh perspectives. By engaging with advanced construction and green technology startups through direct and indirect investments, as well as collaborations, we intend to forge more partnerships in the sector.”

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.”