Metro Manila (CNN Philippines Staff) — Eagle Cement’s net income in the first three months of 2019 grew by 34 percent year-on-year to ₱1.6 billion, driven by a double-digit growth in the company’s net sales.
The Ramon Ang-led company reported a ₱5.4 billion net sales or 34 percent higher than the same period in 2018, attributed to higher sales volume and improved selling price of cement.
“Our solid performance in the first quarter is still anchored on the increasing domestic demand for cement mostly coming from the private sector and supported by government’s infrastructure activities,” Ang was quoted as saying in a statement.
Eagle Cement said it expects further increase in demand amid ongoing projects by the private sector and under the administration’s “Build, Build, Build” program.
The listed firm added that the construction of its grinding facility in Bulacan, which is seen to ramp up its annual production by 1.5 million metric tons by 2020, is ” in full swing.”
Eagle Cement shares closed at P15.90 each at the stock exchange Wednesday, same as the previous day’s close.
