(Boursier.com) — Titan Cement International SA announced its financial results for the fourth quarter of 2023 and full year 2023.
This is the third consecutive year of record growth, with Group sales reaching 2,547 million euros, up 11.6%. The United States and Europe contributed more than 90% of sales and profitability.
EBITDA stood at a record 540.3 million euros, up 63.1%, enabling margins to increase. All regions posted double-digit growth in profitability driven by increased sales of all major products, strong pricing, operational efficiencies and improved energy cost performance.
Net profit more than doubled, reaching 268.7 million euros (+145%), while earnings per share stood at 3.6 euros/share. The return on average capital employed (ROACE) is 16.9%. The debt ratio at 1.2x, with a decrease in net debt of 137 million euros, to 660 million euros, despite another year of high CapEx, by allocating capital towards growth-related projects , improving the energy mix and efficient logistics.
In 2023, S&P revised the credit rating to “BB with a positive outlook” and Fitch assigned a rating of “BB+”.
Execution of the 2026 strategy has accelerated with 5 acquisitions and partnerships adding access to reserves of more than 100 million tonnes of additional cement materials (SMC) and more than 90 million aggregates in attractive markets. Venture capital investments in 4 startups.
Quoting…
The group is proposing the payment of a dividend of 0.85 euros per share for 2023, an increase of 42% compared to 2022.
The outlook is considered positive thanks to improving volumes and prices in our attractive markets in the United States and Europe. Completing growth-oriented projects will improve margin performance.
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