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EAGLE posts higher net income in 1H, up 5% to P2.3Bn

Aug 8, 2018

EAGLE posts higher net income in 1H, up 5% to P2.3Bn

08 AUGUST 2018 – Listed local cement company Eagle Cement Corporation (EAGLE) sustains its solid financial performance, reporting a net profit growth of 5% to Php2.3 billion for the first six months of 2018 from Php2.2 billion in the same period last year, as a result of robust sales and efficient operations despite challenging market environment.

EAGLE posted a 10% increase in net sales to Php8.2 billion for the six months of the year from Php7.5 billion in the comparable period. Gross profit margin was maintained at a favorable level of 48%. Similarly, EBITDA rose by 5% during the period, translating into an EBITDA margin of 43%.

For the second quarter of 2018, the Company generated net sales of Php4.2 billion, 14% higher compared to the relative quarter last year. Net income went up by 6% to Php1.3 billion compared to the same quarter in 2017.

“As we strengthen our brand and increase our sales capacity, we remain focused on achieving our cost synergy and productivity targets with the use of the most efficient and energy saving cement manufacturing technology,” President and Chief Executive Officer, Paul Ang says. “We remain confident that we will be able to sustain growth towards the end of the year, with the improving construction activity of the private sector and expected roll out of government infrastructure projects,” he adds.

As of end-June 2018, the Company’s balance sheet remains solid, with total assets registering at Php43.0 billion. EAGLE remains compliant with its loan covenants, with debt to equity ending at 0.42x while financial debt to equity stood at 0.29x.

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