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EAGLE’s 2018 net profit jumps 13% to Php4.8 billion

Mar 6, 2019

EAGLE’s 2018 net profit jumps 13% to Php4.8 billion

4Q 2018 earnings climbs 36%

06 MARCH 2019 – Listed local cement company Eagle Cement Corporation (EAGLE) continued its growth trajectory in 2018, with net income jumping by 13% to Php4.8 billion amid some headwinds in the market environment.

EAGLE generated net sales of Php16.5 billion for the full year 2018, an 11% growth from Php14.9 billion it posted in 2017, propelled by the double-digit sales volume growth.

Gross profit totaled to Php7.2 billion, 4% higher relative to 2017. Despite higher input costs in the second half of the year, EBITDA still rose by 9% to Php6.8 billion.

“While we are faced with challenges in the industry, we remain steadfast to expand the Company to meet the increasing local demand for cement, driven by the thriving property sector, growth in consumption, as well as the anticipated roll out of government’s infrastructure projects,” President & CEO Paul Ang said.

For the last quarter of 2018 alone, the Company reached record sales of Php4.3 billion, 19% higher from the comparable period last year. Net income rose by 36%% to Php1.3 billion from Php964.8 million in the fourth quarter in 2017.

He also said, “we expect the momentum to continue, as EAGLE sets the stage for the next cycle of growth for the Company. We seek to continue to invest in expanding our market reach to become a nationwide player.” 

The financial position of the Company for the year ended 31 December 2018 remains optimal and well-capitalized, with total assets growing by 7% to Php45.5 billion. Total liabilities went down by 3% to Php12.6 billion while stockholder’s equity rose by 12% to Php32.8 billion. EAGLE remains compliant with its loan covenants, with debt to equity ratio registering at 0.39x while financial debt to equity ratios stood at 0.25x. The current gearing gives the Company more flexibility to support its investment plans.

 

EAGLE is currently expanding its Bulacan plant with an additional grinding capacity of 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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