Publicly-listed cement manufacturing firm Eagle Cement Corporation (Eagle Cement) saw its net profit in the first nine months of 2021 surged by 89% to P5.1 billion from P2.7 billion in the comparable period in 2020.
Eagle Cement sustains growth in 9M21, with net profit up by 89%
Nov 10, 2021
10 November 2021 – Publicly-listed cement manufacturing firm Eagle Cement Corporation (Eagle Cement) saw its net profit in the first nine months of 2021 surged by 89% to P5.1 billion from P2.7 billion in the comparable period in 2020.
Eagle Cement generated 9M21 net sales of P16.2 billion, 63% better than the corresponding period last year, buoyed by the double-digit growth in sales volume despite a decrease in average selling price of cement. Gross profit grew by 77% to P7.3 billion from P4.1 billion in the same period a year ago. EBITDA jumped 59% to P6.7 billion from P4.2 billion a year earlier.
For the third quarter alone, the Company reached P5.2 billion in net sales, 28% higher from P4.1 billion it made in the same quarter last year. Gross profit amounted to P2.2 billion, a 24% growth from the previous year’s figure. Net income slightly rose by 1% to P1.4 billion.
“We are pleased to report encouraging set of results amid the pandemic, much lower cement prices and increasing input costs,” Eagle Cement President & CEO Paul Ang said.
Total assets at the end of the period rose by 7% to P53.4 billion while total liabilities increased by 11% to P12.1 billion from their end-2020 levels. Shareholder equity improved by 7% to P41.2 billion. The Company’s current gearing remains healthy, with debt-to-equity and financial debt-to-equity ratios registering at 0.29x and 0.13x, respectively, still well below its loan covenant requirements.
Meanwhile, the Company’s Bulacan plant expansion, with its fifth cement mill, third packhouse, fifth cement silo and other supporting facilities, is fully completed.