DMCI Homes profit hits P2.5 billion in 2024

MANILA, Philippines — Earnings of DMCI Homes fell last year as slower sales and fewer project launches during the pandemic continued to impact construction activity and revenue recognition.

The company’s core net income, which excludes one-time gains from land sales, dropped by 35 percent to P2.5 billion in 2024 from P3.8 billion in 2023.

DMCI Homes saw sustained softness in residential demand last year, resulting in a 22-percent decline in unit sales compared to the previous year.

The company completed 11 buildings last year, up from seven in 2023, contributing to a rise in ready-for-occupancy inventory.

The completions also supported improved collections, which strengthened DMCI Homes’ liquidity.

DMCI Homes president Alfredo Austria said that while 2024 was a challenging year for the real estate industry, it allowed the company to sharpen its focus.

“We focused our efforts on strengthening our financial position, preparing for future launches and developing new products for underserved markets. As the market recovers, we are ready to roll out projects that offer strong value and quality,” he said.

Austria said that while the company’s selling prices rose year-on-year, prices remain highly competitive given the quality and value that DMCI Homes deliver.

Last year, the average selling price per unit rose by 18 percent, while price per square meter increased by eight percent, mainly driven by elevated construction costs, the company’s shift toward more premium and centrally located developments as well as the sale of larger units.

DMCI Homes has in its pipeline seven projects across the country with a combined estimated sales value of P35 billion.

The company said the launch timing of the projects is dependent on market demand and prevailing conditions.

To support sales and leasing, DMCI Homes is offering flexible payment terms, restructuring options and expanding its rent-to-own program.

It is also strengthening its sales network through enhanced in-house and international efforts.

“We remain committed to making homeownership more accessible, with homes built to the standards that define DMCI Homes,” Austria said.