Group revenue stronger by 5.0% to €1,262.8m or up by 10.1% in local currencies.
In the first nine months of 2021, all of TITAN Group’s markets recorded solid volume growth which translated into increased revenue for the Group. Performance was supported by continued strength in the US, an encouraging recovery and pick-up of construction activity in Greece and a solid delivery in Southeastern Europe.
Egypt confirmed indications earlier in the year that with the rationalization of production imposed, operational performance can start to recover its lost momentum. Clouds have been gathering over Turkey owing to the country’s macroeconomic challenges while Brazil continued to grow.
As a result, Group consolidated Revenue for the first nine months of 2021 reached €1,262.8m posting a 5.0% increase. Revenue growth in local currencies was 10,1%. Witnessing the global input cost inflation hitting many industries, the building materials sector had a more visible impact during the third quarter of the year, with energy and freight costs reaching a peak in Q3.
The reversal of this trend started in October and current prices indicate that we should expect a more favorable cost environment going forward.
Owing to the unprecedented spike in costs and the inevitable time-lag in mitigating pricing actions, EBITDA came under pressure to €219.6m posting a 4.3% decline.
The Group nine-month 2021 net result after taxes and minority interests rose to a profit of €81.9m compared to a
profit of €58.0m in the same period of 2020, higher by 41.4%, being largely the result of the Group’s lower leverage
and successful refinancing strategy.
