Eagle Cement profit up 25% to P6 billion

eagle cement profit up 25 to p6 billion - Eagle Cement profit up 25% to P6 billion

EAGLE Cement Corp. reported a 25% growth in its 2019 earnings, attributed to the full-year operation of its new production line in Bulacan.

In a presentation to investors submitted to the stock exchange yesterday, the cement manufacturer said its net income last year stood at P6.02 billion, driven by a 20% improvement in net sales to P19.82 billion.

Gross profit rose 20% to P8.67 billion, while operating expenses increased 19% to P1.87 billion.

It said among the factors that helped its bottomline last year was seeing the full-year commercial operations of its third production line in Bulacan. This increased the company’s annual production capacity by two million metric tons (MT).

The construction of its fourth production line in Cebu, which will increase annual capacity by 2 million MT, is set for completion by December 2022.

“Eagle continues to deliver solid growth, with double digit growth across the board… Aggressive expansion strongly positions Eagle to compete with existing and new market players in the industry,” it said.

It noted the company is maintaining limited operations while Luzon is under enhanced community quarantine to address urgent requirements.

It also expects an increase in construction activity this year and next year for the areas affected by the eruption of Taal Volcano in January.

Shares in Eagle at the stock exchange slipped two centavos or 0.30% to P6.68 each on Tuesday. — Denise A. Valdez

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