Ramon Ang's Eagle Cement posts strong income growth amid gov't infra push

ABS-CBN News

Posted at Aug 06 2019 09:07 PM

MANILA - Billionaire Ramon Ang's Eagle Cement said its income grew by almost half in the first six months of the year amid the government's drive to upgrade the country's infrastructure. 

Eagle Cement disclosed its net income grew 44 percent to 3.3 billion in the January-to-June period from P2.3 billion during the same period last year.

"We will continue to leverage on the growing local cement demand led by the private sector and supported by the infrastructure push of the government," said company president and CEO Paul Ang. 

Eagle said it is on track to complete to raise the output of its Bulacan plant to 8.6 million metric ton (MMT) per year by 2020. 

The company said it also expects to sell cement in the Visayas region by end-2020. 

It also sees its annual cement output further rising to 10.6 MMT by the end of 2021. 

San Miguel Corp, where Ramon Ang serves as president and COO, is aiming to acquire a majority stake in Eagle's rival Holcim. 

The acquisition is undergoing review by the Philippine Competition Commission.