Conglomerate DMCI sees profits surge as economy reopens

MANILA, Philippines — Conglomerate DMCI Holdings, Inc. doubled its earnings haul from January to September as it reaped the benefits of a reopened Philippine economy. 

In a disclosure sent to the Philippine Stock Exchange index on Tuesday, the Consunji-led company reported its consolidated net income fattened by 104% year-on-year to bag home P27.6 billion in the first nine months. The company’s third-quarter net income expanded 84% on-year on the back of its coal, power, and real estate segments. 

DMCI said it sped past its full-year profit milestone of P18.9 billion back in 2013.

“All of our subsidiaries delivered robust results during the nine-month period, particularly [Semirara Mining and Power Corporation],” said DMCI Holdings chairman and president Isidro A. Consunji.

Broken down, Semirara topped the conglomerate’s list of high-earners in the first nine months. The mining company raked earnings that mushroomed 243% year-on-year to P20.4 billion as coal production and electricity sales volume grew. 

The company’s power segment, DMCI Power Inc. saw profits elevate 28% year-on-year to P549 million, benefitting from higher sales volume and electricity prices. 

“But we expect to feel some profit weakness in the last quarter because of higher raw material costs and construction slowdown,” Consunji added. 

Its real estate arm, DMCI Homes, reported its net income jumped 19% on an annual basis to P3.2 billion on the back of higher selling prices. The sector proved resilient despite the pandemic fallout. 

D.M. Consunji, Inc reported profits climbed 16% on-year to P676 million as the firm completed building and infrastructure projects. 

The company is projecting profit haul to decline by the last quarter owing to higher input prices and a slowdown in construction activities. The sector has been reeling from higher costs amid inflationary pressures. 

Its other mining arm, DMCI Mining, saw profits rise 11% year-on-year to P1.1 billion as higher mineral prices tempered lower production from its depleted Berong mine. 

The conglomerate raked in P8.4 billion by selling Maynilad shares. 

Despite the rosy figures, shares in DMCI finished trading on Tuesday down 1.67% to P9.43 apiece.