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EAGLE’s first half net income climbs 44% to P3.3 billion

Aug 6, 2019

EAGLE’s first half net income climbs 44% to P3.3 billion

1H sales volume rises 21%

06 August 2019 – Listed local cement company Eagle Cement Corporation (EAGLE) remains optimistic to post double digit growth for 2019, with net income for the first half of 2019 climbing by 44% to P3.3 billion from P2.3 billion in 2018.

EAGLE posted net sales of P10.5 billion for the first semester of 2019, 28% higher than last year’s P8.2 billion earned in the comparable period, owing to the 21% sales volume growth and selling price improvement of cement.

Gross profit totaled to P4.7 billion, 19% better than the relative period in 2018. EBITDA rose by 21% to P4.2 billion.

For the second quarter alone, EAGLE reached net sales of P5.1 billion, 22% higher than the same quarter in 2018. EBITDA grew by 21% to P2.2 billion, with margin kept at 44%. EAGLE realized a net income of P1.7 billion, a 39% growth year-on-year.

“Our robust results in the first half of the year reaffirm our positive stance towards the industry. We will continue to leverage on the growing local cement 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,” President & CEO Paul Ang said.

The current capital structure of EAGLE remains solid and allows adequate flexibility for future expansions. Total assets went up by 7% to P48.8 billion. Meanwhile, total liabilities grew by 11% to P14.1 billion and stockholder’s equity rose by 6% to P34.7 billion. EAGLE remains compliant with its loan covenants, with debt to equity ratio registering at 0.41x while financial debt to equity ratio stood at 0.23x.

EAGLE is on track to complete its 1.5 million metric tonnes (MMT) grinding capacity expansion in 2020, bringing its current annual cement output to 8.6 MMT in its Bulacan plant.

For Line 4 in Cebu, EAGLE has secured the approval of DENR Region VII for the Special Use Agreement for Protected Areas (SAPA) permit needed for the construction of the port. With this, EAGLE expects to sell cement in the Visayas region by end-2020. Ang said, “We remain positive as reflected in our aggressive expansion to reach new growth markets as well as create a strong presence in the south. By the end of 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 player.”

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