By James A. Loyola
Eagle Cement Corporation registered a 35 percent jump in net income to ₱4.7 billion in the first nine months of 2019 from ₱3.5 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said net sales rose 25 percent to ₱15.3 billion in the first three quarters of the year from the ₱12.2 billion it made a year earlier.
Eagle said net sales were “bolstered by the 19 percent increase in sales volume and supported by the rise in average selling price of cement. The robust domestic environment for cement was still underpinned by private consumption.”
Gross profit amounted to ₱6.7 billion, 20 percent better than the relative period in 2018. EBITDA grew by 20 percent to ₱6.1 billion.
“Eagle is poised to deliver double-digit growth towards the remainder of the year, as local demand for cement is expected to remain high in line with the anticipated pickup in construction activities coming from both public and private sectors,” EAGLE President & CEO Paul Ang said.
He added that, “our year-to-date solid financial performance is stirred by our relentless efforts to provide world-class, quality cement products at affordable prices while still maintaining our operating efficiencies.”
“As we operate in a more competitive environment, we will continue to embark on our organic growth strategy and penetrate new geographies to maximize the growth potential of the cement industry and drive sustainable returns for the Company,” Ang noted.
Meanwhile, Eagle’s grinding capacity expansion is underway, increasing its annual cement capacity by 1.5 million metric tons (MMT) to 8.6 MMT in its Bulacan plant by 2020.