Ang family-led Eagle Cement Corp. grew net profit at end-September by 35 percent year-on-year to P4.7 billion as higher sales volume and selling prices boosted sales revenues.
For the third quarter alone, net profit went up by 18 percent year-on-year to P1.4 billion.
“Eagle is poised to deliver double-digit growth towards the remainder of the year, as local demand for cement is expected to remain high in line with the anticipated pickup in construction activities coming from both public and private sectors,” Eagle president and chief executive Paul Ang said.
Net sales in the nine months expanded by 25 percent year-on-year to P15.3 billion, supported by a 19-percent increase in sales volume alongside higher average selling price of cement.
Gross profit in that period amounted to P6.7 billion, 20-percent better than the relative period last year. Cash flow as measured by earnings before interest, taxes, depreciation and amortization went up by 20 percent year-on-year to P6.1 billion.
Total assets rose by 5 percent to P47.8 billion at end-September. On the other hand, total liabilities declined by 7 percent to P11.7 billion while stockholder’s equity rose by 10 percent to P36.1 billion.