EARNINGS of Eagle Cement Corp. jumped 13% in 2018, supported by a double-digit growth in sales volume despite higher input costs for the latter part of the year.
In a statement issued Wednesday, the listed cement manufacturer said net income climbed to P4.8 billion last year, following an 11% increase in net sales to P16.5 billion.
Earnings before interest, taxation, depreciation, and amortization went up by 9% to P6.8 billion, even as the company recorded higher input costs in the second half of 2018.
“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,” Eagle Cement President and Chief Executive Officer John Paul L. Ang said in a statement.
Eagle Cement reported a 36% profit increase to P1.3 billion in the fourth quarter alone, versus the P964.8 billion it posted in the same period in 2017. The company was able to generate record sales for the period at P4.3 billion, 19% higher year on year.
“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,” Mr. Ang said.
Eagle Cement hopes to bring its annual cement capacity to 8.6 million metric tons by 2020, from the completion of an additional grinding capacity of 1.5 million metric tons from its Bulacan plant.
The company is also constructing its fourth cement line in Cebu as it tries to get a larger share of the Visayas and Mindanao market. The facility in Malabuyoc, Cebu will have a capacity of two million metric tons.
Shares in Eagle Cement rose 0.63% or 10 centavos to close at P15.92 each at the stock exchange on Wednesday. — Arra B. Francia