The group said that its overal performance in 2019 was "stable to positive". Net profit after tax (NPAT) was down by 5.5% to €50.9m, which the company attributed to losses in East Mediterranean region.
Dimitri Papalexopoulos, chairman of the group executive committee, commented on the results: "In 2019, we successfully managed the traditional cycles of economic and construction activity in each of the regions we operate, delivering another year of solid financial performance. At the same time, we rose to the challenges and opportunities brought about by the urgent need to tackle climate change and the advent of the digital revolution, pursuing our strategic priorities of operational excellence and long-term sustainability."
He added that the USA, Titan Group's largest market, continued on its positive trajectory in 2019 in the regions of Florida, Mid Atlantic and NY Metro regions, where it operates. The Greek market showed some first signs of growth, mainly in tourism and private sector construction. Most of the group's markets in Southeastern Europe benefited from increased demand, and Brazil appears to be turning to moderate growth.
Papalexopoulos said that conditions in the Eastern Mediterranean region were challenging again in 2019. Group performance continued to be affected by the overcapacity in Egypt, while in Turkey after a sharp decline, in the second half of 2019 the sector showed signs of stabilisation.
Titan Group's operations were affected positively by lower global fuel costs, but faced, in most regions, increased electricity costs. Logistics costs, notably those related to sea transportation and local US distribution, increased as well. Some of the cost increases were passed on through price increases to the markets, particularly in the areas of substantial growth.
Titan said that other highlights in the 2019 results include sustained performance and stronger cash flow generation during the year.
Titan America delivered another robust performance in 2019 as cement consumption in the United States continued to increase against a background of healthy macroeconomic indicators.
Greece has started showing signs of growth, particularly in the private sector. Markets in Southeastern Europe recorded strong increase in revenues and profitability on the back of continuing economic growth.
The group says it is on track to meet its 2020 sustainability targets, with all targets related to emissions (dust, NOx and SOx) and water consumption already met.
