Eagle Cement Corp announces 44% rise in net profit

Philippines-based Eagle Cement Corp has announced a 44 per cent YoY rise in net profit for the first six months of 2019 to PHP8.2bn (US$156.7m), while also reporting a 21 per cent increase in sales volume and higher selling prices.

In the 2Q19 net income surged 39 per cent to PHP1.7bn and revenues showed 22 per cent growth to PHP5.1bn.

"We will continue to leverage on the growing [demand for] local cement, led by the private sector, and supported by the infrastructure push of the government," said Paul Ang, president and CEO.

The company also noted that it was on track to complete a 1.5Mta grinding expansion in 2020. By the end of next year, Eagle Cement is also hoping to sell cement in the Visayas after receiving the necessary approval to construct a port.