Eagle Cement Corp. registered a net income of P3.3 billion in the first half of the year, up 44 percent from P2.3 billion year-on-year, on the back of double-digit growth in sales.
Eagle said in a disclosure to the stock exchange first-half net sales jumped 28 percent to P10.5 billion from P8.2 billion in the same period a year ago.
Gross profit totaled P4.7 billion, up 19 percent on year.
Eagle remains optimistic of sustaining double digit growth in sales for the whole of 2019 given the strong first-half performance.
“Our robust results in the first half of the year reaffirm our positive stances towards the industry. We will continue to leverage on the growing local 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,” Eagle president and chief executive Paul Ang said.
Eagle’s net income in the second-quarter climbed 39 percent to P1.7 billion as revenues rose 22 percent to P5.1 billion.
Meanwhile, the company said it secured the permits needed to start the construction of a planned cement plant in Cebu.
Ang in June said the completion of the planned cement plant in Cebu would be delayed to first half of 2021 from the original target of end 2020 due to permit delays.
The cement firm is on track to complete its 1.5-million metric ton grinding capacity expansion in 2020 to bring the current annual cement output to 8.6 MMT in the Bulacan plant.
“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.
“By the end 2021, we expect to have a total of 10.6 MMT of annual cement output that will strategically position us as a strong nationwide cement players,” he added.
Eagle said the current capital structure remained solid and allowed adequate flexibility for future expansion.
