TITAN Group on Thursday reported a 9.7 pct increase in its consolidated turnover to 1.208 billion euros, with EBITDA rising 5.8 pct to 208.4 million euros in the first nine months of 2019, compared with the same period last year.

Net after-tax and minorities earnings fell 9.9 pct to 45.3 million euros reflecting higher amortizations related with the adoption of the IFRS 16 model and the integration of Turkey. In the third quarter of 2019, TITAN Group reported an 8.7 pct increase in sales compared with the corresponding period last year, while EBITDA rose 15.4 pct and net profits jumped 25.7 pct. In an announcement, the group said that a dynamic construction sector in the Southeast United States, a continuing recovery of markets in Southeastern Europe and an improvement in Greece, all contributed to the improvement of consolidated results, counterbalancing lower performances in the markets of Egypt and Turkey.

Titan Cement International acquired 100 pct of common shares of TITAN Cement SA following the successful completion of a public exchange offer. TITAN Group said investments totaled 76 million euros in the January-September period, unchanged from 2018, reflecting investments in the US. Net borrowing was 891 million euros, up 199 million from borrowing levels of December 31, 2018.