Diversified engineering conglomerate DMCI Holdings Inc. reported a 105-percent upturn in nine-month consolidated net income from P13.5 billion to P27.6 billion, breaking its full-year
profit record of P18.9 billion in 2013.
The previous record was reached after DMCI Holdings recognized a one-time gain of P8.4 billion from the sale of some of its shares in Maynilad Water Services Inc. (Maynilad)
Excluding a non-recurring gain of P1.2 billion last year owing to deferred tax remeasurement in relation to CREATE Act and DMCI gain on land sale, consolidated core net income from January to September rose even faster at 124 percent from P12.3 billion to P27.6 billion.
“All of our subsidiaries delivered robust results during the nine-month period, particularly Semirara Mining and Power Corporation]. But we expect to feel some profit weakness in the last quarter because of higher raw material costs and construction slowdown,” said DMCI Holdings chair and president Isidro A. Consunji.
For the third quarter alone, DMCI Holdings posted an 84-percent improvement in consolidated core net income from P4 billion to P7.4 billion on higher contributions from its coal, power and real estate businesses.
Its balance sheet also remained healthy as total assets reached P251 billion and net debt-to-equity ratio stood at 8 percent for the three months ended September 30, 2022.
SMPC net income contribution more than tripled (243 percent) from P6 billion to P20.4 billion due to elevated market prices, all-time high coal production and higher spot electricity sales volume.
DMCI Homes posted a net income of P3.9 billion, a 19-percent jump from P3.2 billion on the back of higher selling prices.
DMCI Mining grew its net income by 11 percent from P983 million to P1.1 billion as higher average selling price amid elevated exchange rates offset the impact of lower shipment due to the depletion of its Berong mine.
D.M. Consunji, Inc. recognized a 16-percent profit upswing from P585 million to P676 million with the completion of some building and infrastructure projects.
DMCI Power grew its net income by 28 percent from P428 million to P549 million on higher electricity sales volume amid elevated selling prices.
Contribution from affiliate Maynilad was flat (-1 percent) at P1.1 billion due to sluggish billed volume growth (+0.8 percent) and higher cash operating expenses.