Eagle Cement posts 44% growth in H1 net income

Eagle Cement Corp. on Tuesday reported double-digit growth in its bottom line in the first half of the year, on the back of higher sales during the six-month period.

In a regulatory filing submitted by vice president Fabiola Villa, Eagle said its net income grew 44% to P3.3 billion from P2.3 billion last year.

Sales for the period climbed 28% to P10.5 billion, on higher sales volume growth and an increase in selling price of cement.

"Our robust results in the first half of the year reaffirm our positive stance towards the industry," said president and CEO Paul Ang.

"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," he elaborated.

To spur economic growth, the government plans to spend over P8 trillion in its Build, Build, Build program infrastructure projects until 2022, largely funded by government revenues from taxes.

Just last year, the government rolled out 75 big-ticket infrastructure projects valued at $35.5 billion or P1 trillion.

Founded in 1995, Eagle is engaged in the business of manufacturing, marketing, sale, and distribution of cement under its brands Eagle Cement Advance Type 1P, Eagle Cement Exceed Type 1P, and Eagle Cement Strongcem Type 1. —LDF, GMA News