Eagle Cement Corp., a cement company controlled by business tycoon Ramon Ang, said net income in 2019 climbed 25 percent to P6.01 billion from P4.8 billion in 2018 on the back of robust sales.
Eagle Cement said in a recent analysts’ briefing net sales jumped 20 percent to P19.8 billion from P16.5 billion in 2018.
Income from operations increased 21 percent to P6.8 billion from P5.6 billion in 2018, while gross profit rose 20 percent to P11.15 billion.
“Eagle Cement continues to deliver solid growth with double digit growth across the board. Sound cost structure allow us to gain healthy margins,” the cement firm said.
Cash flow as measured by earnings before interest, taxes, depreciation and amortization improved 16 percent to P7.93 billion.
Net income in the fourth quarter dipped one percent to P1.3 billion from P1.31 billion in 2018, while sales improved five percent to P4.5 billion from P4.32 billion.
Eagle Cement also reported that it was on track to complete the expansion of the Bulacan cement facility, which will boost capacity by another 1.5 million metric tons by the end of 2020.
The company said it remains aggressive with the expansion to compete with rivals and new market players in the industry.
Meanwhile, Eagle Cement said it has put in place a business continuity plan amid the current enhanced community quarantine being implemented in the whole of Luzon.
The cement firm said it has funds allocated to support employees, community and partners. It also has sufficient investors and manpower to support limited operations to address urgent requirements.
The company’s total assets rose eight percent to P49 billion at the end of 2019. Total liabilities declined seven percent to P11.7 billion, while stockholders’ equity rose 14 percent to P37.3 billion.
Share price of Eagle Cement on Tuesday declined 0.3 percent to P6.68.