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EAGLE’s 1Q19 net earnings expands 49% to Php1.6 billion

May 6, 2019

EAGLE’s 1Q19 net earnings expands 49% to Php1.6 billion

Sales volume posts more than 20% growth

                                     

06 MAY 2019 – Listed local cement company Eagle Cement Corporation (EAGLE) continued to deliver robust growth in the first quarter of 2019, with net income expanding by 49% to Php1.6 billion from Php1.1 billion in the comparable period in 2018.

EAGLE reached 1Q19 net sales of Php5.4 billion, a 34% year-on-year growth from Php4.0 billion it recorded in 2018, boosted by more than 20% sales volume growth, coupled by the improvement in the average selling price of cement.

Gross profit amounted to Php2.3 billion, 23% higher in the relative quarter in the previous year. EBITDA grew by 20% to Php2.0 billion, translating into an EBITDA margin of 37%.

“Our solid performance in the first quarter is still anchored on the increasing domestic demand for cement, with demand mostly coming from the private sector and supported by the infrastructure development of the government.” President & CEO Paul Ang said.

He also said, “we remain positive in the growth prospects of the cement industry, as we see imported traded cements growing at a faster pace compared with 2018 despite the implementation of the additional duty for imported cement starting February this year. This is a proof that we still have a long way to go in order to meet the accelerating demand expected in the years to come.”

The financial position of the Company for the quarter ended 31 March 2019 remains healthy, providing enough capacity to undertake its growth plans. Total assets grew by 3% to Php46.7 billion while total liabilities declined by 1% to Php12.5 billion and stockholder’s equity went up by 4% to Php34.2 billion. EAGLE remains well within its loan covenants, with debt to equity ratio registering at 0.36x while financial debt to equity ratios stood at 0.24x.

EAGLE’s ongoing grinding expansion in Bulacan is on its full swing and will add 1.5 million metric tons, bringing the plant’s total annual cement capacity to 8.6 million metric tons by 2020.  

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In light of the ongoing concerns on Covid-19, we would like to assure the public that the health and safety of our people, our clients and our community are our highest priority. Our immediate response has been to take all necessary safeguards to manage the situation. We are doing what we can to address the economic, social and environmental impact of COVID-19. We have a business continuity plan in place and is being implemented across the Company.

 

EAGLE ensures compliance on the implementation of the guidelines from the Department of Health, Department of Labor and Employment and World Health Organization. We also encourage employees to conduct business meetings via teleconference or video conference. We have efforts to reach a work from home solution for our staff in Metro Manila should the need arises. Employees who have recently traveled in countries with confirmed cases are under self-quarantine of 14 days before reporting to work.

 

All strict measures and actions are promptly taken by the Company and our third parties to inform the management of those who might have come into contact with a colleague or third party for the appropriate checks and provide any possible form of support.

 

While the work to protect public health needs to speed up, the economy can’t afford to slow down. Thus, our manufacturing, construction and distribution activities will continue normal operations. Eagle’s Bulacan and Bataan plants have sufficient inventory and manpower, even with an extended community quarantine.

 

To date, we have no known case or employees with symptoms of Covid-19.