EAGLE Cement posts P4.26-billion net profit in 2017

Eagle Cement Corporation posted a net profit of P4.26 billion last year, up 4 percent from P4.11 billion in 2016.

Excluding expenses on its initial public offering last year, net profit grew b 5 percent to P4.33 billion in 2017.

Higher sales volume drove its performance last year, with net sales of P14.87 billion, up 12 percent year-on-year.

“We have continued to beat our operational targets in terms of volume growth and cost efficiencies. Our efforts in upgrading and debottlenecking our existing production lines allowed us to keep healthy margins despite the challenging market environment,” EAGLE president and CEO Paul Ang said.

The cement maker is now expanding its capacity in line with the infrastructure push from both public and private sectors. Its third production line in Bulacan is bound to start operating this year and expand EAGLE’s annual production capacity to 7.1 million metric ton.

The company said it is opening new markets in Region I, MIMAROPA and Bicol in Southern Luzon, as well as in Western Visayas.

In November 2017, EAGLE broke ground for its fourth production line in Malabuyoc, Cebu.

“The project is on track to meet its target completion in 2020, and will add another 2 million metric tons to EAGLE’s annual production capacity,” the company said.
The Cebu facility will include a manufacturing plant and a marine terminal to serve Negros, Cebu, Bohol, Masbate, Misamis Oriental, Davao, Zamboanga, and South Cotabato. —VDS, GMA News