Eagle Cement Corp., the listed cement company of businessman Ramon Ang, booked a net income of P1.1 billion in the first quarter of 2018, up 3 percent year-on-year, despite stiff market competition.
Eagle Cement said in a disclosure to the stock exchange revenues rose 6 percent to P4 billion from P3.8 billion a year ago on the back of higher cement volume.
“We remain confident about the future as private consumption continues to drive our economy coupled with the infrastructure boom. We are constantly looking at opportunities to grow the company at the same time continuously manage costs to maintain our competitiveness,” Eagle Cement president and chief executive Paul Ang said.
The company attributed the positive performance in 2018 to efficient production, with its cement manufacturing plant as one of the country’s most-modern.
The higher cement output also contributed to Eagle’s ability to meet demands in more markets.
Meanwhile, the cement firm said the third production line in Bulacan, with an annually capacity of 2 million metric tons, would become operational this year.
The third line will bring the total production capacity of the company to about 7.1 million metric tons or about 180 million bags a year, which will allow it to consolidate its position as one of the leaders in the cement industry.
Meanwhile, the newest cement plant in Cebu, which is set to add another two million metric tons to the company’s output, is currently construction and will be operational by 2020.
The company’s balance sheet remains strong. Total assets as of March 31, 2018 stood at P43.2 billion. The debt-to-equity ratio stood at 0.42 at the end of the first quarter, while financial debt-to-equity ratio hit 0.29.
In contrast, other listed cement companies, like Holcim Philippines Inc. and Cemex Holdings Philippines Inc., reported declines in net incomes in the first quarter of the year on weak demand and higher operating cost.
