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GD         Turnover  mln.

Titan posts Net Profit of 42.7 m for 2017


Titan Group announced on Wednesday the Annual results for 2017. According to the press release the figures continued to reflect solid fundamental metrics for the ITAN Group, largely owing to the continuing strength of the US market. Consolidated turnover remained stable, at €1,505.8m, a marginal 0.2% decline compared to 2016. EBITDA reached €273.4 m, a 1.9% decrease. Non-recurring events (staff redundancy programs in Egypt and Greece and hurricane Irma in Florida) had a negative impact on EBITDA of about €17 m, against €6.7 m of such costs in 2016. Moreover, the significant devaluation of the Egyptian Pound in late 2016, as well as the strengthening of the Euro against the USD during 2017, weighed on Group operating results. At stable exchange rates, consolidated turnover would have been higher by €148 m and EBITDA by €18 m.

Net Profit after minorities and the provision for taxes was €42.7 m, compared to €127.4 m in 2016. It should be noted that net profit in 2016 included a €90 m deferred tax credit recognition in the US, associated with previously unrecognized carry-forward tax losses.

In the fourth quarter of 2017, consolidated turnover reached €361.3 m, recording a 6.1% decline while
EBITDA reached €58.9 m, posting a 19.9% decline against the comparatively strong fourth quarter of 2016.

Net Profit after minorities and the provision for taxes was €9.6 m. As with the full year results, the sharp devaluation of the Egyptian Pound and the weakening of the USD, negatively affected the reported figures. 

The Board of Directors intends to propose to the Annual General Meeting of shareholders, scheduled for 1st June, 2018, a dividend distribution of €0.05 and a return of capital of €0.50 per issued share. The exact amounts to be distributed per share will be adjusted upwards to include the amounts corresponding to company treasury shares.

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