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EAGLE’s net profit soars 35% to P4.7 billion in 9M19

Nov 8, 2019

EAGLE’s net profit soars 35% to P4.7 billion in 9M19

9M sales volume rises 19%

08 November 2019 – Listed local cement company Eagle Cement Corporation (EAGLE) continued its positive earnings momentum in 9M19, recording a 35% growth in net income to P4.7 billion in the first nine months of 2019 from P3.5 billion in the comparable period last year.

EAGLE posted net sales of P15.3 billion in 9M19, 25% higher than the P12.2 billion it made a year earlier, bolstered by the 19% increase in sales volume and supported by the rise in average selling price of cement. The robust domestic environment for cement was still underpinned by private consumption.

Gross profit amounted to P6.7 billion, 20% better than the relative period in 2018. EBITDA grew by 20% to P6.1 billion.

For the third quarter alone, EAGLE saw net sales of P4.8 billion, 21% better than the same quarter in 2018. EBITDA went up by 19% to P1.9 billion, with margin held steady at 39%. EAGLE posted a net income of P1.4 billion, an 18% increase from last year’s figure.

 “EAGLE is poised to deliver double-digit growth towards the remainder of the year, as local demand for cement is expected to remain high in line with the anticipated pickup in construction activities coming from both public and private sectors. Our year-to-date solid financial performance is stirred by our relentless efforts to provide world-class, quality cement products at affordable prices while still maintaining our operating efficiencies,” EAGLE President & CEO Paul Ang said.

The financial condition of the Company for the period ended 30 September 2019 remains healthy, allowing financial flexibility and strongly positions EAGLE for future growth. Total assets rose by 5% to P47.8 billion. On the other hand, total liabilities declined by 7% to P11.7 billion while stockholder’s equity rose by 10% to P36.1 billion. The Company continued to be compliant with its loan covenants, with debt to equity ratio registering at 0.33x while financial debt to equity ratio stood at 0.21x.

“As we operate in a more competitive environment, we will continue to embark on our organic growth strategy and penetrate new geographies to maximize the growth potential of the cement industry and drive sustainable returns for the Company,” Ang added.

Meanwhile, EAGLE’s grinding capacity expansion is underway, increasing the annual cement capacity by 1.5 million metric tons (MMT) to 8.6 MMT in its Bulacan plant by 2020.

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