DMCI Jan-Sept profit plunges 23% to P15B

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CONSUNJI-LED diversified conglomerate DMCI Holdings Inc. saw nine-month net income for 2024 drop 23 percent to P15.1 billion, from P19.6 billion a year ago, on weaker contributions from certain key business segments.

For the third quarter alone, however, it said that net income had grown 3 percent to P4 billion on higher contributions from the water, power, construction, and nickel businesses, “mitigating the impact of weaker results from coal mining and real estate.”

“Each of our businesses has been affected differently by the new normal in an increasingly complex environment,” DMCI Chairman and President Isidro Consunji said.

From January to September 2024, lower revenue contributions from the energy, real estate, and nickel businesses dragged on DMCI’s bottom line, offset to some extent by increased contributions from its water utility, off-grid power generation, and construction segments.

Reporting on its third quarter performance, DMCI said that Semirara Mining and Power Corp.’s attributable net income fell to P1.8 billion from P1.9 billion as coal selling prices plunged, among other factors.

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Maynilad Water Services saw net income surge 55 percent year-on-year to P921 million on higher billed volume and increased average effective tariffs coupled with lower cash costs.

For the property segment, DMCI Homes contributed P768 million in attributable net income, down 36 percent from last year, on lower real estate revenues that were partially offset by increased contributions from joint-venture construction revenues, rentals and forfeitures, and finance income.

DMCI Power saw its net income contribution jump 23 percent to P328 million from P267 million previously.

D.M. Consunji, Inc.’s income contribution soared 174 percent to P129 million from P46 million on higher finance income and lower cash and noncash costs.

Higher ore shipments and improved selling prices, meanwhile, enable DMCI Mining to return to profit with a P48 million income contribution, reversing last year’s loss of P154 million.

“We are working hard to strengthen our group’s ecosystem, enhance operational efficiency to address macroeconomic challenges and weaker commodity prices, and effectively protect our margins,” Consunji said.

DMCI shares rose 1.82 percent to P11.20 each on Friday.

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