MANILA, Philippines — Ang family-led Eagle Cement Corp. grew net profit in the first three months by 49 percent year-on-year to P1.59 billion, driven by a double-digit growth in sales volume and improved cement selling prices.
Eagle’s net sales in the first quarter amounted to P5.37 billion, up by 34 percent in the same period last year, the company disclosed to the Philippine Stock Exchange on Monday.
Net income margin improved to 30 percent from around 27 percent in the same period last year.
Bulk of the company’s cement sales – equivalent to 81 percent – consisted of bagged cement while the remaining 19 percent consisted of bulk cement supply.
The company’s first quarter performance was underpinned by “strong domestic demand driven by private consumption,” the report said.
Eagle, chaired by San Miguel Corp. president Ramon S. Ang, is among those bidding for the Philippine assets of LaFarge Holcim.