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Eagle Cement income rises 44% in first half on brisk sales.

EAGLE Cement Corp., a company led by Ramon S. Ang, on Tuesday said its net income for the first half of the year grew 44 percent to P3.3 billion from last year's P2.3 billion on brisk sales.

Net sales for the period ending June reached P10.5 billion, up 28 percent from P8.2 billion in 2018, owing to the 21-percent sales volume growth and selling price improvement of cement.

For the second quarter alone, sales reached P5.1 billion or 22 percent higher than the previous year, while income rose 39 percent to P1.7 billion.

'Our robust results in the first half of the year reaffirm our positive stance toward the industry. We will continue to leverage on the growing local cement demand led by the private sector and supported by the infrastructure push of the government,' said Paul Ang, the company's president.

'Eagle remains compliant with its loan covenants, with debt to equity ratio registering at 0.41 times while financial debt to equity ratio stood at 0.23 times,' the company said.

The company said it is on track to complete its 1.5-million metric ton grinding capacity expansion in 2020, bringing its current annual cement capacity to 8.6 MMT in its Bulacan plant.

For the fourth line of its plant in Cebu, Eagle said it has secured the approval of DENR's Central Visayas office for the special use agreement for the protected areas permit needed for the construction of the port.

'With this, Eagle expects to sell cement in the Visayas region by end-2020,' the company said.

'We remain positive as reflected in our aggressive expansion to reach new growth markets, as well as create a strong presence in the south. By the end of 2021, we expect to have a total of 10.6 MMT of annual cement output that will strategically position us as a strong nationwide cement player,' Ang said.

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Publication:Business Mirror (Makati City, Philippines)
Date:Aug 7, 2019
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