Titan Group announces H1 2019 results

Wednesday, 31 July 2019 19:25
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TITAN Group on Wednesday disclosed first half 2019 results, showing growth in sales revenue in all regions of operation, with the exception of  the eastern Mediterranean. Consolidated turnover for the Group reached €785.4m, recording a 10.2-percent increase compared to the same period of 2018.

Titan said this is  attributable to a strong performance in the US market, and growth in demand southeastern Europe, along with a modest recovery in sales for its Greek operations.

EBITDA remained flat compared to the previous year’s levels, at €122.2m, citing the “persistent challenging conditions” in both Egypt and Turkey, which it said caused a decline in revenues and an EBITDA drop that offset the other regions’ improved operational profitability.

The Group’s net profit after minority interests and taxes was €13.3m, compared to €24.8m in the first half of 2018, a decrease it attributed to the strength of the US dollar, which it said caused $5 million of forex hedging costs and higher depreciation costs.

Consolidated turnover for TITAN Group in the second quarter of 2019 reached €422.7m, recording an 8.4-percent increase compared to Q2 2018, while EBITDA at €77.8m posted a marginal decline of 1.1-percent. Net profit after minority interests and taxes was €19.5m, recording a 18.4-percent decline.

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