Eagle Cement income up 25% in 2019

MANILA, Philippines — Eagle Cement Corp., the listed cement company of the Ang family, posted a 25 percent net income growth to P6 billion last year from P4.8 billion a year ago, the company said in a filing.

This was on the back of a P19.8 billion in net sales, up 20 percent from P16.5 billion a year ago, spurred by robust demand from private consumption.

Eagle president and CEO Paul Ang said the strong growth reflects the company’s solid strategy, helped by the strong support from the customer base.

“We keep our positive stance that demand will eventually pick up once the enhanced community quarantine is lifted by the government and we remain committed to delivering high quality cement to both the private and public sectors as soon as this happens,” Ang said.

In the fourth quarter alone, Eagle posted a five percent growth in net sales to P4.5 billion, while EBITDA increased five percent to P1.8 billion, with margin kept at 40 percent, surpassing industry peers.

Ang said the company’s strong financial condition would help the company withstand any external adversities and thrive under an increasingly volatile market environment.

The company remains on track to complete its fifth finish mill, expanding its Bulacan plant’s annual cement output to 8.6 million metric tons by 2020.

“Our aggressive approach in expanding our capacity has worked well for Eagle since we started our operations 10 years ago. We have a strong edge to foray deeper in our existing markets and potential key growth markets in the country given our increasing capacity,” Ang said.