EAGLE Cement Corp. said its net income may hit between P4.3 billion and P4.5 billion for the year on higher sales. That target is about 9 percent higher than the P4.11 billion that Eagle posted last year.
Eagle Chairman Ramon S. Ang said the company’s revenue may grow by at least 13 percent to 20 percent to P15 billion, from last year’s sales of P13.27 billion.
“Our growth will continue because Line 3 of Eagle will start with production about January [or] February, but it won’t be full production yet because there’s bottlenecking in the first six months,” Ang told reporters at the sidelines of the company’s stockholders’ meeting.
Eagle said it will raise production capacity to 9.1 million metric tons with the recent ground-breaking of a fourth production line in Malabuyoc, Cebu.
Eagle’s completion date for its Cebu plant’s Line 4 is 2020. The line will include a 2-million metric ton (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,” Eagle Cement CEO John Paul L. Ang said.
Currently, the company has two lines producing about 5.1 million MT of cement per year, serving the greater Luzon markets.
Eagle also aims to complete its third production line in Bulacan by 2018, which is expected to expand annual capacity to 7.1 million MT and the company’s coverage to more markets in Southern Luzon.
“By next year, our Line 3 in Bulacan will be fully functional to serve those areas with the most efficient and energy saving manufacturing technology,” said Ang, who is also the president of Eagle Cement.