DMCI Holdings net profit surges 18%

Consunji-led engineering conglomerate DMCI Holdings Inc. grew its first-quarter net profit by 18 percent year-on-year to P3.1 billion, driven by the robust performance of its power, real estate and water businesses.

For the full year, DMCI expects core earnings to reach P12.66 billion, 23-percent higher year-on-year.

In the first three months, income contribution from Semirara Power reached P1.4 billion, rising by 24 percent from the same period last year. The upswing was attributed to the strong business performance of its power generation segment. Semirara’s gross power generation surged 107 percent to 1,014 gWh over the same period last year. Its coal sales also grew by 4 percent to 2.4 million metric tons. For the full year, Semirara is expected to chalk up P5.35 billion in net profit, 32 percent higher year-on-year.

The second-biggest contributor to DMCI’s net income in the first quarter was real-estate arm DMCI Homes, which saw an 11-percent jump in net profit to P845 million. DMCI Homes recognized revenues from completed high-rise projects in the first quarter. DMCI Homes is projected to post P3.6 billion in net profit for the full year, sustaining an 11-percent growth.

The third-largest contributor, Maynilad Water Services Inc., continued to benefit from its improved operational efficiency, thus boosting net earnings contribution by 10 percent year-on-year to P545 million. The water distribution unit is expected to contribute P2.15 billion to DMCI for the full year, 5-percent higher year-on-year.

Earnings from construction arm D.M. Consunji Inc. rose 22 percent year-on-year to P196 million due to higher revenues from its infrastructure projects. This unit is projected to deliver P755 million in net profit contribution for the full year, 58-percent up from last year.

The off-grid power business, lodged under DMCI Power, reported a 42-percent increase in net income to P74 million in the first quarter due to higher energy dispatch to the electric cooperatives from the power plants in Masbate and Palawan. For the full year, DMCI Power is projected to deliver P370 million in net profit, 52 percent higher year-on-year.