Eagle Cement Corp. on Monday said its net income plunged 44 percent to P3.4 billion last year from the previous P6 billion, as its operations were temporarily halted at the height of the lockdown in 2020.
The company’s operations were also sluggish throughout 2020. Net sales last year fell 30 percent to P13.9 billion, from the previous year’s P19.8 billion.
For the second semester of 2020, the company generated net sales of about P8 billion, 14 percent lower compared with P9.3 billion in the same period in 2019, but higher compared with the first half.
“The halting of our operations due to pandemic-related restrictions took a hit on our results in the first half of 2020, but the remaining half proved that we are well-positioned to bounce back. We saw improvement in our volume and we are able to bring down our production cost in 2020,” Eagle Cement President and CEO Paul Ang said.
“We will continue to work on aggressive marketing and better pricing strategies for this year and this will be complemented by focusing on cost control initiatives in our operations, which will enable us to deliver better returns in 2021.”
He said the company continues to formulate and execute strategies that will keep Eagle Cement competitive.
“We are hopeful for the ongoing national vaccination program and are eager to see all industries recover. We are prepared to cater to the market’s demand now and in the future with our expansion underway. Despite the pandemic, we also remain committed to uphold our corporate values for all of our stakeholders and extend help to them wherever possible.”
The company’s expansion in Bulacan, with its fifth finish mill, third pack house and other supporting facilities, is nearly complete and will be operational by the second quarter of 2021, it said.
This expansion will increase the company’s production capacity by 1.5 million metric tons (MMT), bringing its total annual cement capacity to 8.6 MMT, which will give Eagle Cement the distinction of having the largest cement plant in the Philippines.