DMCI increases cash dividends by 50% after record profit

MANILA, Philippines  -Consunji-led DMCI Holdings Inc. pumped up cash dividends by 50 percent after a rally in commodity prices propelled 2022 profits of the conglomerate to a record high.

DMCI said in a stock exchange filing on Wednesday it will pay a total of P9.56 billion in both regular and special cash dividends to stockholders.

This was equivalent to 31 percent of core earnings and above the holding company’s dividend policy of paying out 25 percent of the past year’s profits.

It is paying a total cash dividend of P0.72 per share common share on April 28 to stockholders on record as of April 27 this year, the filing showed.

DMCI, which owns coal and power producer Semirara Mining and Power Corp., earlier said 2022 net income surged 69 percent to over P31 billion.

Contributions from units, which include water services, property development, mining and construction, pushed up revenues by 32 percent to P142.6 billion.

DMCI said contributions from Semirara last year expanded by 145 percent to P22.7 billion as prices jumped in the wake of the Russian invasion of Ukraine and strong demand amid the postpandemic economic resurgence.

DMCI Homes contributed P4.5 billion, up 2 percent, due to “better selling prices and higher other income from forfeitures.”

Maynilad Water Services Inc., a venture with Metro Pacific Investments Corp. and Japan’s Marubeni, saw net income contribution down by 6 percent to P1.4 billion as a result of higher costs for light and power, repairs and maintenance, and chemicals.

DMCI Mining contributions also grew 7 percent to P1.3 billion on higher selling prices while DMCI Power added 28 percent to P742 million.

Construction arm D.M. Consunji Inc. contributed P587 million, a 55-percent jump following the completion of building and infrastructure projects.

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