Greek Titan Group reports improved nine-month results

Greek Titan Group said its results improved significantly in the January-September period, reflecting a rise in the US market and improved results in Egypt.

Consolidated turnover was 1.124 billion euros in the nine-month period, up 9.2 pct compared with the same period in 2015. EBITDA grew 24.1 pct to 205 million euros and net after tax provisions and minorities jumped to 121.9 million euros from 36.2 million last year.

Third quarter results were the highest in the last five years. Turnover grew 12.2 pct to 400.4 million euros, EBITDA jumped 42.8 pct to 85.5 million euros and net after tax provisions and minorities earnings soared to 112.7 million euros from 12 million in the third quarter 2015.

In the US market, turnover grew 17.7 pct to 584.2 million euros in the January-September period, while operating earnings rose 37.8 pct to 98 million. Sales and operating earnings in the US account for around 50 pct of Group results.

Turnover in Greece and Western Europe fell 1.5 pct to 195.6 million euros in the nine-month period, while operating earnings fell 10.9 pct to 28 million euros. Southeastern Europe markets were mixed, with turnover rising 0.8 pct to 156.8 million euros and op earnings falling 1.0 pct to 46.1 million euros.

In Egypt, turnover grew 18 pct in local currenty, or 4.9 pct in euros, to 187.7 million euros. Operating results totaled 32.8 million euros, from 16 million euros last year, while in Turkey, net profits totaled 3.5 million euros.

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Photo Source: Wikimedia Commons Copyright: Titan Cement Company S.A. License: CC-BY-SA