Titan Cement Company S.A. Announces Consolidated Earnings Results for the Second Quarter and First Half Year and Parent Company Earnings Results for the First Half Year Ended 30 June, 2016
July 27, 2016
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Titan Cement Company S.A. announced consolidated earnings results for the second quarter and first half year and parent company earnings results for the first half year ended 30 June, 2016. For the quarter, on consolidated basis, the company reported turnover of EUR 386.0 million against EUR 389.0 million a year ago. EBITDA was EUR 76.2 million against EUR 82.1 million a year ago. Profit before tax was EUR 32.3 million against EUR 23.3 million a year ago. Net profit was EUR 27.8 million against EUR 17.6 million a year ago.
For the first half, on consolidated basis, the company reported turnover of EUR 723.8 million against EUR 672.8 million a year ago. EBITDA was EUR 119.5 million against EUR 105.3 million a year ago. Profit before tax was EUR 7.4 million against EUR 30.9 million a year ago. Net profit was EUR 9.2 million against EUR 24.2 million a year ago. Bottom line results were negatively impacted by foreign exchange translation effects, particularly those resulting from the devaluation of the Egyptian pound against the Euro by 16%. Capital expenditure in the first half of 2016, reached EUR 61.1 million, EUR 20.5 million lower than that of the corresponding period in 2015. Group operating cash flow in the first half of 2016, reached EUR 67 million, against an outflow of EUR 21 million in the same period the previous year, owing to the improved profitability of the Group, the considerable decline in working capital requirements and the overall lower level of investments undertaken. As such, Group net debt as at 30 June, 2016, stood at EUR 578 million, EUR 44 million lower compared to 31 December, 2015 levels.
Turnover at the parent company in the first half of 2016 declined by 9.8% and stood at EUR 131 million while EBITDA reached EUR 18.7 million against EUR 21.7 million in the first half of 2015. Net profit after tax reached EUR 19.1 million against EUR 1.6 million in the same period in 2015. Compared to 2015, net profit after tax for 2016 includes EUR 20.6 million received in the form of dividends from subsidiaries abroad.
Titan Cement International SA is a multiregional cement and building materials producer. Business activities cover the production, transportation and distribution of cement, concrete, aggregates, fly ash, mortars and other building materials. The Group employs over 5,000 people and operates in more than 25 countries, holding prominent positions in the United States, Greece, the Balkans, and the Eastern Mediterranean. Throughout its history the Group has aspired to serve the needs of society, while contributing to sustainable growth with responsibility and integrity.
Titan Cement Company S.A. Announces Consolidated Earnings Results for the Second Quarter and First Half Year and Parent Company Earnings Results for the First Half Year Ended 30 June, 2016