Cement News tagged under: Eagle Cement Corp

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Eagle Cement Corp announces 89% advance in profit

11 November 2021, Published under Cement News

Philippine-based Eagle Cement Corp has seen its net profit surge 89 per cent to PHP5.1bn (US$101.76m) in the first nine months of 2021, against PHP2.7bn in the comparable period of last year. Net sales advanced 63 per cent YoY to PHP16.2bn, which has been attributed to a double-digit growth in volumes despite the average selling price of cement declining. “We are pleased to report an encouraging set of results amid the pandemic, much lower cement prices and increasing input costs,” sai...

Eagle Cement Corp to consolidate raw material supply chain

27 September 2021, Published under Cement News

The board of Philippines-based Eagle Cement Corp has approved the 100 per cent purchase of affiliate limestone quarrying firm, Solid North Mineral Corp (SNMC), in a PHP3.57bn (US$69.95m) deal. SNMC is currently majority-owned by Ramon S Ang, chairman of Eagle Cement. The move is expected to consolidate its raw material supply chain.

Eagle Cement announces 181% rise in net income

17 August 2021, Published under Cement News

Philippines-based Eagle Cement has posted a 181 per cent YoY increase in net income to PHP3.7bn (US$73.08m) in the first half of 2021, against PHP1.32bn in the corresponding period of last year. Net sales also advanced 87 per cent to PHP11.06bn from PHP5.91bn in the 1H20. The company has attributed the results to higher sales volumes despite the decrease in the average selling price of cement per bag, which resulted from tight competition.

New director elected to San Miguel board

22 January 2021, Published under Cement News

John Paul Ang has been elected as a director of Philippines-based San Miguel Corp, filling the board vacancy left after Reynaldo David passed away last year. Mr Ang is currently the president and CEO of Eagle Cement Corp, which is owned by the Ang family. "He brings with him years of top managerial experience in the cement industry in the Philippines and in Malaysia, beginning with experience of business operations to top-level management decision making. The experience allowed him to be...

Eagle Cement Corp sees net sales down 16%

12 November 2020, Published under Cement News

Philippine-based Eagle Cement Corp has reported a net profit of PHP1.4bn (US$28.96m) in the 3Q20, remaining unchanged from the year-ago period. However, its net sales were down 16 per cent YoY to PHP4.1bn. "The resumption of major infrastructure projects and retail segment boosted sales. We are optimistic that fourth-quarter results will be better as more sectors of the economy are reopened," said Paul Ang, president. Eagle Cement’s nine-month net sales declined 35 per cent to PHP10bn ...

Eagle Cement sees 61% decline in net profit

12 August 2020, Published under Cement News

Philippines-based Eagle Cement Corp has reported a 61 per cent YoY decline in net profit to PHP1.3bn (US$26.54m) for the first half of 2020, while net sales fell 44 per cent to PHP5.9bn. In the 2Q20 the company saw a drop in net profit to PHP128m from PHP1.7bn last year. Net sales also decreased 73 per cent YoY to PHP1.4bn. "These are very difficult times, but we remain confident that the economy will recover from this pandemic and emerge stronger. The government’s steady push for the co...

Eagle Cement Corp will pursue expansion plans

21 July 2020, Published under Cement News

Eagle Cement Corp will pursue its expansion plans despite the impact of the coronavirus pandemic. Expansion-related capital expenditures will continue while spending for non-critical projects and activities "will be trimmed," said Eagle president and CEO, Paul Ang. "Our strong financial position will allow us to weather this health crisis battering the economy without giving up major components of our expansion plans, which will secure our future growth," Mr Ang said. For this year, Eagl...

Eagle Cement Corp aims to complete Bulacan expansion in 2020

16 July 2020, Published under Cement News

Philippine-based Eagle Cement Corp is now looking to complete its 2Mta Bulacan plant expansion before the year ends, following delays related to the COVID-19 pandemic. "This plant was supposed to have been turned over and commissioned this second quarter of this year. But because of the pandemic, management is committing to deliver this plant by end quarter of this year," said John Paul Ang, Eagle Cement president and CEO. The company’s CFO, Monica Ang, also noted that the company has r...

Eagle Cement Corp net profit falls 25% in 1Q20

15 May 2020, Published under Cement News

The Philippines' Eagle Cement Corp saw a 25 per cent YoY fall in first quarter net profit to PHP1.2bn (US$23.6m) as construction activities were halted in mid-March as part of measures to curb the coronavirus pandemic. Eagle’s net sales contracted by 16 per cent YoY to PHP4.5bn in the first three months. Cash flow fell by 14 per cent to PHP1.7bn. Prior to the enhanced community quarantine (ECQ) in mid-March, Eagle reported growth in sales volume during the quarter. Paul Ang, Eagle Cement C...

Eagle Cement donates food packs to Bulacan residents

10 April 2020, Published under Cement News

Philippines-based Eagle Cement has donated food packs to the residents of Bulacan, amidst the quarantine period in place due to the COVID-19 pandemic. With the assistance of the armed forces, volunteers and the local government of San Ildefonso, the company distributed thousands of food packs containing rice and canned goods to 20 barangays in San Ildefonso and Dona Remedios Trinidad. Apart from food packs, vitamins and other medicine were also distributed to residents who are most in ...