Home Business Corporate News Eagle Cement’s net income grows 44% in H1

Eagle Cement’s net income grows 44% in H1

LISTED Eagle Cement Corp. on Tuesday expressed optimism in hitting double-digit earnings growth this year after its first-half net income climbed by double digits.

In a disclosure, the Ramon Ang-led cement manufacturer said its January-to-June net profit jumped by 44 percent to P8.2 billion from the year-ago amount on the back of a 21-percent growth in sales volume and higher selling prices for cement.

Net income for the second quarter alone increased by 39 percent to P1.7 billion, while revenues rose by 22 percent to P5.1 billion year-on-year.

“Our robust results … reaffirm our positive stance toward the industry,” Eagle Cement President and Chief Executive Officer Paul Ang said.

“We will continue to leverage on the growing [demand for] local cement, led by the private sector, and supported by the infrastructure push of the government,” he added.

Eagle Cement is on track to complete its 1.5 million metric tons (MT) of grinding capacity expansion in 2020, which would raise its current annual cement output to 8.6 million MT in its plant in Bulacan province.

Ang said he was also optimistic to sell cement in the Visayas by end-2020 after securing the Department of Environment and Natural Resources (DENR) Region 7’s approval for the special-use agreement for protected areas permit needed to construct a port there.

“By the end of 2021, we expect to have a total of 10.6 million MT of annual cement output that will strategically position us as a strong nationwide cement player,” he said.

Eagle Cement shares lost 32 centavos or 2.23 percent to close at P14 apiece on Tuesday.

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