Eagle Cement eyes P6.5B earnings in 2018
Bilyonaryo Ramon Ang’s Eagle Cement Corp. sees its net income hitting P6.5 billion next year, driven by robust sales and a strong domestic economy that will fuel more private and public infrastructure projects.
Revenues are forecast to reach P23 billion next year from the projected P15 billion this year, Ang told reporters Wednesday.
For this year, the cement firm expects to book a net income of between P4.3 billion and P4.5 billion.
“ The company will perform even better next year beause we are in the process of finishing the third line,” Ang said.
The third line, located in Bulacan, will raise production capacity to 7.1 million metric tons upon its completion in January or February next year.
“With GDP growing about 6.9 percent, which is the highest in the region, consumption of construction materials will continue to grow more than our neighboring countries,” Ang said.
Eagle recently broke ground on its fourth production line in Malabuyoc, Cebu. This will boost the group’s total production capacity to 9.1 million MT.
Slated for completion in 2020, the Cebu plant will include a two million MT integrated cement manufacturing plant, port facilities and cement terminals to serve the Visayas and Mindanao markets.
“This groundbreaking brings us a step further to achieving our long-term goals as a company, which is to strengthen the brand and increase market share. We hope to continue succeeding by increasing capacity to better serve our consumers nationwide,” said Paul Ang, president and CEO of Eagle.
Currently, the company has two lines producing about 5.1 million metric tons of cement per year serving the greater Luzon markets.