Eagle Cement income jumps 44% to P3.3 B

Eagle Cement Corp. posted a net income of P3.3 billion in the first half, up 44 percent from the previous year.

Net sales rose 28 percent to P10.5 billion on the back of higher sales volume and improvement in the selling price of cement.

For the second quarter alone, Eagle reported a 22 percent jump in net sales to P5.1 billion.

Eagle president and chief executive officer Paul Ang said the company remains optimistic about the prospects of the local cement industry.

“Our robust results in the first half of the year reaffirm our positive stance towards 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. We will execute this by offering world-class, quality cement products at affordable prices,” Ang said.

The company is on track to completing its 1.5 million metric tons (MMT) grinding capacity expansion in 2020, bringing its current annual cement output to 8.6 MMT in its Bulacan plant.

For Line 4 in Cebu, Eagle has already secured the approval of DENR Region VII for the Special Use Agreement for Protected Areas (SAPA) permit needed for the construction of the port.

“With this, Eagle expects to sell cement in the Visayas region by end-2020. We remain positive as reflected in our aggressive expansion to reach new growth markets as well as create a strong presence in the south,” Ang said.

He said that by the end of 2021, the company expects to have a total of 10.6 MMT of annual cement output that would strategically position it as a strong nationwide cement player.

At present, Eagle operates the newest and single largest cement manufacturing plant in the Philippines. It is engaged in the business of manufacturing, marketing, sale and distribution of cement, using the brands Eagle Cement Advance Type 1P, Eagle Cement Exceed Type 1P, and Eagle Cement Strongcem Type 1.