Monday 25 June 2018

Most Frequently Asked Questions
about our business activity

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The Company was founded on 12 May 1902, with headquarters in Piraeus, and a share capital of 200,000.00 drachma. In parallel, construction of the Company’s first cement plant commenced in Elefsina. In 1910 the Company was converted into a Société Anonyme under the corporate name TITAN Cement Company S.A. and in 1912 its shares were listed on the Athens Stock Exchange where they are still traded.


TITAN Group is an independent, vertically integrated cement and building materials producer; its main products are cement, ready-mix concrete and aggregates.

Pursuing an outward-looking strategy, TITAN Group has developed into a multi-regional company, organized in four geographic regions: Greece & Western Europe, the USA, Southeastern Europe and Eastern Mediterranean.

Operations outside Greece represent over 80% of the total. The Group owns 13 cement plants in nine countries: Greece, U.S.A., Egypt, Albania, Bulgaria, Kosovo, F.Y.R. of Macedonia, Serbia and Turkey.

Its products are available in 36 different countries.

More information on the Group’s activities you may find in the Synopsis of the Group’s Integrated Annual Report 2015, by clicking here




TITAN Group delivered an improved set of results in the first half of 2016, primarily due to the increased contribution from US operations as well as the improved results generated in Egypt.

Specifically as regards the US, the marked increase in demand, as a result of the healthy growth rates of construction activity, coupled with the benefits accrued from the extensive investments undertaken by the Group, have resulted in a significant improvement in results.

Similarly in Egypt, demand increased in the first half of 2016. Group plant production levels have reverted to levels similar of the pre-fuel crisis years. At the same time, the Group’s investment program to ensure energy self-sufficiency has been completed at the Beni Suef plant and is expected to also be concluded at the Alexandria plant within 2016.

In Greece, demand for building materials in the first half came mostly from public works since private construction continues to be penalized by the financial crisis and recording declines.

Demand in the region of Southeastern Europe as a whole posted an increase compared to 2015 activity levels, while in Turkey as well, results at Adocim (in which ΤΙΤΑΝ Group holds a 50% stake) were better than those of the previous year.

The Group’s investment program, amounting to €350m for the period 2015-2016, is carried out as planned, with capital expenditure in the first half of 2016 reaching €61.1m.

On 7th June, 2016, rating agency Standard & Poor’s affirmed TITAN’s ‘ΒΒ’ ratings, maintaining its positive outlook, focusing on the Group’s strong liquidity position.

More information on the Group’s performance you may find by clicking here








Only 0.05% of TITAN Group’s loans come from the Greek banking system, while another 0.5% are drawn from international subsidiaries of Greek banks.

On 30/06/2016 (official published data) the Group’s gross debt stood at €852 million, broken down as follows:

  • Group-issued bonds in international capital markets, addressed to international investors and mostly to foreign institutional investors €672.7 million (79% of the total)
  • International Banks (abroad) €174.3 million (20% of the total)
  • International Subsidiaries of Greek Banks €4.2 million (0.5% of the total)
  • Greek Banks €0.4 million (0.05% of the total)
It is important to note that TITAN Group’s debt has always been serviced in a timely manner.





In Greece, demand for building materials in the first half came mostly from public works since private construction continues to be penalized by the financial crisis and recording declines.

Exports, which continue to absorb more than 2/3 of the production of Greek plants, mitigate to a certain extent the decline in demand in the domestic market.

It should be noted that sales volumes to the Greek market correspond to less than 7% of Group sales.




The 2016 outlook for the Group is positive, despite the considerable uncertainties and challenges, mostly driven by the recovering US construction industry, which is expected to continue during the current year and beyond. Considering the market’s growth rates and positive prospects, the Group has been undertaking an extensive investment program in the last two years, aiming at strengthening its competitive position and further improving operational performance.

Demand in Greece will still remain at extremely low levels but should improve marginally for the year as a whole, provided that public works progress as planned and that their funding by national and European sources continues uninterrupted. Greek cement production is expected, once again in 2016, to be largely geared towards exports.

In Southeastern Europe, economic recovery is still being affected by the economic weakness of Eurozone neighbours, which are the region’s main trading and investment partners. Nevertheless, signs of a timid recovery from the low levels of construction activity in recent years are emerging.

In Egypt, demand for building materials is projected to continue to grow. The Group continues with its investments for the utilization of solid and alternative fuels at the Group’s plants so as to ensure fuel self-sufficiency and improve the plants’ cost competitiveness. It should be noted, however, that macroeconomic imbalances and foreign exchange limitations continue to pose risks for the short-term.

With respect to Turkey, recent developments have increased uncertainty, although it is too early to assess the impact on the market.

More information on the Group’s outlook for 2016 you may find by clicking here

Report 2017