Titan Cement 1Q FY24: Strong Start To Year; Positive Outlook For The Year
Titan Cement started off FY24 positively with Sales coming in at €623.7m, up 6.1% YoY, EBITDA rising 2.5% YoY to €109.8m and net profit clocking in at €52.5m, up 18.4% YoY. On the back of volume growth, firm pricing, improved operational efficiency and resilience of the US economy, mgmt. has issued a positive outlook for FY24. Also, the group continued to execute its growth-related investments, with €52.5m Capex. We view the results positively since Titan continues to executive with precision and despite Q1 being a low period for the sector, Titan managed to growth both top and bottom line. We reiterate our BUY rating and €32.0 TP.Titan Cement International SA is a Belgium-based international cement and building material producer. The Company's activities include the production, transportation, and distribution of cement, concrete, aggregates, fly ash, mortars and other building materials. The Company reports its activities into four geographical business segments: Greece and Western Europe, North America, South East Europe and Eastern Mediterranean. Apart from the transportation and distribution, the Company also transfers its know-how through collaborations with customers, business partners, local communities and Academia.
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