Eagle cement bucks trend, posts profit

Eagle Cement Corporation (Eagle) of tycoon Ramon S. Ang has managed to maintain its earnings momentum, with net income rising by 6 percent to 13.5 billion for the first nine months of 2018 from 13.3 billion a year earlier. In a statement, the firm said the improvement in net earnings was bolstered by double-digit growth in sales volume and stable prices. Eagle generated net sales of 112.2 billion for the first nine months of the year, a 9 percent increase from 111.2 billion in the same period in 2017. Gross profit margin ended at 46 percent. Despite higher input costs during the period, EBITDA still modestly grew by 3 percent with EBITDA margin registering at 42 percent. For the period covering July-September, the company posted net sales of 14.0 billion, 6 percent better relative to the comparable period while net income rose by 8 percent to 11.2 billion versus the same quarter in 2017. “We remain aggressive and committed in growing our Company organically as we are leveraging on the rising cement demand in the country on the back of the infrastructure push of the government and optimism on the private sector,” Eagle President & CEO Paul Ang said. He added that, “in 2019, we will start building additional grinding capacity in Bulacan that will add 1.5 million metric tons, bringing our plant’s total annual cement capacity to 8.6 million metric tons.” (JAL)