The Group’s consolidated turnover reached €723.8 million - a 7.6% increase compared to H1 2015. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 13.5%, reaching €119.5 million. However, net profit after minority interests and the provision for taxes stood at €9.2 million compared to €24.2 million in the same period of 2015. Bottom line results were said to be negatively impacted by foreign exchange translation effects, particularly those resulting from the devaluation of the Egyptian pound against the Euro by 16%.
Titan Group says its 2016 outlook is positive, despite considerable global uncertainties and challenges. At this point in time, the recovering US market is the main motor of growth and profitability for TITAN, while an improvement is also evident in Egypt, due to the smoother and more competitive operation of the plants.
