In a statement, Titan Cement International SA provided a brief update ahead of the group’s annual results on March 13, 2024, as interim and unaudited financial results for 2023 exceed analysts’ estimates.
Thanks to the strong demand in all the main products of the group, combined with the higher price levels, the benefits of increased operational efficiency – as a result of the company’s investments – and the limitation of energy costs, the sales for 2023 are expected to exceed 2.540 billion euros while profits (EBITDA) are expected to exceed 535 million euros (compared to 331 million euros in 2022).
The group’s net profits are estimated to more than double in relation to 2022, exceeding 265 million euros. As a result, earnings per share are expected to range close to 3.4 euros/share. Year-end net borrowing stood at 660 million euros, compared to 797 million in December 2022, while the Net Debt to EBITDA ratio is expected to decline to around 1.2x.
It is noted that the Titan group will announce the audited financial results for the year 2023 on March 13, 2024.
