EAGLE Cement Corp. posted a net profits of P3.4 billion in 2020, a 44 percent decrease as a result of lockout initiatives implemented in mid-March last year in the aftermath of the pandemic.

“The halting of our activities owing to pandemic-related constraints impacted our performance in the first half of 2020, but the remaining half demonstrated that we are well-positioned to bounce back,” Eagle Cement President and CEO John Paul L. Ang said in a statement on Monday.

Net revenue for the full year fell by 30% to P13.9 billion, down from P19.8 billion in 2019.

The publicly traded cement maker recorded P8 billion in revenue in the second half of the year, which was 35% higher than the company’s sales in the first half of 2020.

However, net revenues in the second semester are still 14% smaller than the P9.3 billion seen in the same timeframe the previous year.

“We will continue to work on ambitious marketing and better pricing plans for this year, which will be supplemented by working on cost reduction measures in our activities, allowing us to achieve better returns in 2021,” Mr. Ang said.

Eagle Cement also stated that it is in a “stable financial place,” which will allow the business to report double-digit growth once the economy reopens and vaccines are widely distributed.

Meanwhile, Eagle Cement’s growth in Bulacan is estimated to raise its manufacturing potential by 1.5 million metric tons (MTT), enabling the company to manufacture 8.6 MTT of cement annually.

“With our expansion ongoing, we are prepared to meet industry demand now and in the future,” Mr. Ang said.

The Bulacan extension, which will include its fifth finish mill, third packhouse, and other supporting facilities, is expected to be finished by the second quarter of this year.

EAGLE Cement Corp. posted a net profits of P3.4 billion in 2020, a 44 percent decrease as a result of lockout initiatives implemented in mid-March last year in the aftermath of the pandemic.

“The halting of our activities owing to pandemic-related constraints impacted our performance in the first half of 2020, but the remaining half demonstrated that we are well-positioned to bounce back,” Eagle Cement President and CEO John Paul L. Ang said in a statement on Monday.

Net revenue for the full year fell by 30% to P13.9 billion, down from P19.8 billion in 2019.

The publicly traded cement maker recorded P8 billion in revenue in the second half of the year, which was 35% higher than the company’s sales in the first half of 2020.

However, net revenues in the second semester are still 14% smaller than the P9.3 billion seen in the same timeframe the previous year.

“We will continue to work on ambitious marketing and better pricing plans for this year, which will be supplemented by working on cost reduction measures in our activities, allowing us to achieve better returns in 2021,” Mr. Ang said.

Eagle Cement also stated that it is in a “stable financial place,” which will allow the business to report double-digit growth once the economy reopens and vaccines are widely distributed.

Meanwhile, Eagle Cement’s growth in Bulacan is estimated to raise its manufacturing potential by 1.5 million metric tons (MTT), enabling the company to manufacture 8.6 MTT of cement annually.

“With our expansion ongoing, we are prepared to meet industry demand now and in the future,” Mr. Ang said.

The Bulacan extension, which will include its fifth finish mill, third packhouse, and other supporting facilities, is expected to be finished by the second quarter of this year.

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