Eagle Cement earnings up 6%

MANILA, Philippines — Eagle Cement Corp., the listed cement company of tycoon Ramon Ang, sustained its growth momentum in the nine months to September.

Net income grew six percent to P3.5 billion, buoyed by double-digit growth in sales.

Eagle cement president and chief executive officer Paul Ang said the company remains aggressive and committed in growing the company organically.

“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,” And said.

Sales grew nine percent to P12.2 billion, while gross profit margin ended at 46 percent despite higher input costs.

 For the third quarter alone, net income rose eight percent to P1.2 billion as net sales increased by six percent to P4 billion.

In the third quarter alone, net income grew eight percent to P1.2 billion versus the same quarter in 2017.

Ang said the company would start building additional grinding capacity in Bulacan next year.

“This will add 1.5 million metric tons, bringing our plant’s total annual cement capacity to 8.6 million metric tons,” he added.  

As of the end of September, the company’s total assets increased by four percent to P44 billion.

The company maintained a favorable level of debt to equity ratio of 0.40x and financial debt to equity of 0.27x, providing flexibility on funding strategy to support its expansion plans.

Founded in 1995 and commencing commercial operations in 2010, Eagle Cement operates the newest and single largest cement manufacturing plant in the Philippines.

The company 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.