DMCI Holdings, Inc., the diversified engineering conglomerate led by bilyonaryo Isidro Consunji, reported an all-time high consolidated net income of P31.1 billion last year, up 69 percent from 2021.
The surge in profits was attributed to higher contributions from all of its subsidiaries, which led to record-breaking results for the company.
The bullish commodity and electricity markets were also cited as a significant boost for DMCI Holdings.
Consolidated revenues climbed by 32 percent to P142.6 billion, largely driven by higher coal and electricity prices. However, excluding non-recurring gains and losses, the core net income accelerated by 80 percent to P31.2 billion, another record high for the company.
Consunji, chairman and president of DMCI Holdings, said that while 2022 was a very good year for the company, they expect the markets to soften in 2023.
As a result, their strategy is centered around increasing volumes and optimizing cost management to maintain healthy margins.
In the fourth quarter of 2022, however, DMCI Holdings reported a 30 percent drop in net income to P3.5 billion, due to the combined effect of higher stripping costs and fuel expenses, income tax expense, and fewer real estate accounts that qualified for revenue recognition.
Semirara Mining and Power Corp. more than doubled its contribution, from P9.2 billion to P22.7 billion, due to all-time high domestic coal shipments, higher spot electricity sales, and elevated market prices.
DMCI Homes’ core earnings increased by 2 percent to P4.5 billion, while Maynilad’s net income contribution declined by 6 percent to P1.4 billion. DMCI Mining’s contribution improved by 7 percent to P1.3 billion, while DMCI Power delivered a 28 percent growth in contribution to P742 million.
Construction unit D.M. Consunji’s contribution rebounded by 55 percent to P587 million following the completion of building and infrastructure projects.
