Eagle Cement Corp announces 89% advance in profit

Philippine-based Eagle Cement Corp has seen its net profit surge 89 per cent to PHP5.1bn (US$101.76m) in the first nine months of 2021, against PHP2.7bn in the comparable period of last year.

Net sales advanced 63 per cent YoY to PHP16.2bn, which has been attributed to a double-digit growth in volumes despite the average selling price of cement declining.

“We are pleased to report an encouraging set of results amid the pandemic, much lower cement prices and increasing input costs,” said Eagle Cement president and CEO, Paul Ang.