Ang family-led cement-maker Eagle Cement Corp. grew its net profit last year by 25 percent to P6 billion, citing robust private consumption that fuelled a double-digit expansion in sales volume.
“Our strong growth this year is a proof of the company’s solid strategy and soundness of our business model helped by the strong support from our customer base. We keep our positive stance that demand will eventually pick up once the enhanced community quarantine is lifted by the government and we remain committed to delivering high quality cement to both private and public sectors as soon as this happens,” Eagle president and chief executive officer Paul Ang said in a press statement on Monday.
Eagle’s net sales increased by 20 percent to P19.8 billion as sales volume grew by 16 percent, driven mostly by demand from the private sector.
For the fourth quarter alone, Eagle grew its net sales by 5 percent to P4.5 billion. Margin was kept at 40 percent, beating industry peers.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.