Consolidated turnover reached €1.509 billion, posting an 8% increase compared to 2015. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased by 28.7%, reaching €278.6 million. Net profit after minority interests and the provision for taxes, stood at €127.4 million, compared to €33.8 million in 2015. 2016 results include a gain from a deferred tax asset recognition of €89.6 million in the US, associated with previously unrecognised carry-forward net operating losses generated in previous years.
In the fourth quarter of 2016, the Group maintained the strong momentum prevailing during the year, owing to the contribution of the US and the improved results of its Egyptian operations. Group turnover increased by 4.5% reaching €384.9 million, while Group EBITDA increased by 43.6% reaching €73.6 million. Net profit after minority interests and the provision for taxes, stood at €5.5 million, versus a loss of €2.4million in the fourth quarter of 2015.
Based on the strong improvement of Group profitability, including the extraordinary tax results in the US, in conjunction with the positive prospects for 2017, Titan Group’s board of directors is proposing a dividend distribution of €0.10 per share and, in addition, a return of capital of €1 per share.
