DMCI earnings in 2024 down 21%

MANILA, Philippines –  Weak commodity, electricity prices and real estate market dragged the earnings of DMCI Holdings Inc. last year by 21 percent to P19 billion despite record-high water utility and off-grid power contributions.

The Consunji-led engineering conglomerate on Friday said its core net income, which excludes nonrecurring items, likewise slipped by 21 percent to P18.8 billion.

“While some of our key businesses continue to face headwinds, our diversified portfolio helped mitigate the impact of challenging market conditions,” DMCI chair and president Isidro Consunji said in their stock exchange filing.

READ: DMCI earnings down on weak condo sales, coal price

In the fourth quarter alone, the company’s net income fell by 14 percent to P3.8 billion.

Semirara Mining and Power Corp.’s bottom line during the period dropped by 30 percent to P2.1 billion on weaker coal earnings.

Real estate under DMCI Homes booked a 34-percent fall in its net income to P278 million as weak demand pulled down real estate revenues. This was exacerbated by higher operating expenses, the conglomerate said.

DMCI Mining, meanwhile, more than tripled its earnings to P263 million thanks to improved selling prices and higher average nickel grade sold.

Maynilad Water Services Inc. likewise helped cushion the impact of the other business units’ weakness as its net income ballooned by 140 percent to P991 million. This was driven by higher billed volume and increased average tariff.