San Miguel Corp’s cement business reported consolidated net sales of PHP17.8bn (US$305m) in the first half of 2026, down six per cent YoY, amid weaker volumes and average selling prices.
The division, comprising Eagle Cement, Northern Cement and Southern Concrete Industries, recorded EBITDA of PHP5.2bn, down 3 per cent YoY, while operating income declined 12 per cent to PHP3.5bn.
San Miguel attributed the weaker performance to heightened competition and softer market demand. This contrasts with the first quarter, when cement revenue increased 3 per cent YoY to PHP9.2bn and operating income rose 3 per cent to PHP1.7bn, as strong volume growth outweighed lower average selling prices.
The company said 1Q26 volumes had benefited from reduced traded imports following the introduction of anti-dumping duties in February, as well as advance customer orders ahead of price increases in March.
For the first half, however, lower sales volumes and weaker pricing weighed on the cement division’s performance.
