The company is the first cement plant in Bulgaria with its own photovoltaic park, already covering between 11% and 13% of the plant’s energy needs.

Sofia, October 1, 2025 – TITAN Zlatna Panega, part of the international TITAN Group and a leading producer of cement and building materials in Bulgaria, achieved an unprecedented result in its history by reaching a record-high level of 65% thermal substitution of fossil fuels with alternative fuels for four consecutive months. This is one of the main highlights in the company’s 11^th Integrated Annual Report for 2024, covering the period from January 1 to December 31, 2024, and is a clear sign of the company’s commitment to its stakeholders.

“We achieved a historic success for our plant. With this, we prove that we are dedicated to sustainable development and ready to lead the industry toward a greener future. We take responsibility for our leadership position and remain steadfast in our path to reducing our carbon footprint through real action,” commented Adamantios Frantzis, General Manager of TITAN Zlatna Panega.

In 2024, TITAN Zlatna Panega continued to work toward the TITAN Group’s net zero goal, committing to offer carbon-neutral concrete by 2050 and to introduce measures to keep global warming within 1.5°C compared to pre-industrial levels. As part of the Group’s long-term strategy, the aim is to reduce energy consumption by 58.1% compared to 2020 levels, and to reduce net direct specific CO₂ emissions to 500 kg CO₂ per ton of cementitious product. The Group’s 2030 greenhouse gas reduction targets have been validated by the Science Based Targets initiative (SBTi).

The company’s 2024 financial results also showed steady growth. Revenues reached €79.8 million - a 20% increase compared to the previous year. Net profit amounted to €14.6 million, while EBITDA reached €21 million — a growth of approximately 50% compared to 2023. Capital investments totaled €9 million, marking the second consecutive record level since 2012. Key projects during the year included major kiln overhauls, the introduction of new mobile equipment in ready-mix operations, and the construction of a 5 MWp solar power plant, commissioned in June 2024.

In 2024, CO₂ emissions were maintained at 839 kg per ton of clinker, while electricity-related emissions decreased by 38% compared to the previous year. These results were made possible thanks to the solar park, which now covers between 11% and 13% of the plant’s energy needs. As a result of these investments, the company also achieved a 4% reduction in specific electricity consumption per ton of cement compared to 2023.

During the year, TITAN Zlatna Panega utilized 110,000 tons of industrial waste in the production of cement, concrete, and clinker. This contributed to conserving natural resources and increasing the share of alternative raw materials by 19% compared to 2023. In this way, the company reaffirmed its role in advancing the circular economy in Bulgaria.

“The significant share of alternative fuels, the commissioning of the solar park, and the reduced energy consumption are proof that sustainable growth and decarbonization achievements can go hand in hand with strong financial results,” emphasized Adamantios Frantzis.

People remained at the heart of TITAN Zlatna Panega’s activities in 2024. The company continued to invest purposefully in the development, safety, and well-being of its team. For the third consecutive year, no workplace accidents were recorded at the plant. Attention to health and safety was further supported by numerous training programs, with employees completing over 9,400 hours of specialized courses during the year. These included advanced technical training, leadership programs, and modern digital learning opportunities through platforms such as Udemy and Coursera, enabling individual growth and access to international knowledge.

The company has consistently promoted gender balance and career development opportunities. In 2024, women represented 27.4% of the total workforce and held nearly 40% of managerial positions, demonstrating steady progress in diversity and inclusion.

In 2024, TITAN Zlatna Panega invested over €150,000 in donations and community engagement projects (CEP initiatives). These funds were directed toward education, environmental protection, and youth support initiatives, directly improving the quality of life for people in the region. The company implemented a total of 15 initiatives involving more than 300 participants and reaching over 2,400 beneficiaries. Among them, special recognition goes to the creation of an artificial lake to preserve local biodiversity and to educational programs aimed at local students.

“People are our most valuable resource. I am proud that together we are building a culture of trust, safety, and development, where everyone has the opportunity to realize their potential. This is the key to our long-term success and our strength in being both an employer of choice and a reliable partner to the community,” added Adamantios Frantzis.

The Integrated Annual Report for 2024 can be downloaded here.

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