Sid Consunji’s coal, real estate, power businesses continue to flourish as DMCI smashes profit records

Consunji family-led DMCI Holdings reported stellar results, breaking its profit record for a second consecutive quarter on the exceptional performance of most of its business units.

Consolidated net earnings surged 73 percent to an all-time high of P9 billion, lifted by rising coal, electricity and nickel prices, robust real estate sales and surge in construction revenues.

DMCI Holdings said core net income grew at a faster rate, more than doubling to P9 billion, after excluding non-recurring gains of P37 million this year and P1 billion deferred tax liabilities as a result of CREATE law.

With back-to-back historic quarterly earnings, DMCI Holdings’s net profit jumped 114 percent to P20.3 billion, already surpassing its 2021 full-year net income of P18.4 billion.

“We had a very strong first half because of elevated market prices. If the current trend holds till October, we hope to declare another round of special dividends for our shareholders before year-end,” said Isidro A. Consunji, DMCI chairman and president.

Semirara Mining and Power Corp. saw its net income grew more than two-fold to P6.1 billion on the back of all-time high average coal selling prices and higher spot sales volume amid elevated market prices.

DMCI Homes pumped in P1.3 billion, 63 percent better than the P804 million recorded a year ago owing to higher revenue recognition from ongoing projects and upward adjustment in selling prices.

Contributions from D.M. Consunji Inc. more than quintupled from P91 million to P516 million due to the completion of some projects and conservative revenue take-up the previous year.

The mining business contributed P510 million, up 27 percent from P403 million primarily due to higher average selling prices for nickel ore.

DMCI Power saw contributions jump by 35 percent to P205 million due to higher electricity sales volume and prices.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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