DMCI Mining Corp., the mining unit of DMCI Holdings Inc., said it trebled its net income to a record P1.7 billion last year from P575 million in 2020 on higher shipment and surging nickel prices.
DMCI said in a disclosure to the stock exchange the mining unit shipped a record 1.9 million wet metric tons of nickel ore in 2021, up by 18 percent from 1.6 million WMT shipped in 2020.
Revenues grew 63 percent in 2021 from P2.5 billion to P4 billion. Excluding a nonrecurring income of P247 million mainly due to deferred tax liability re-measurement, core net income soared 144 percent to P1.5 billion from P575 million.
“2021 was a banner year for us. We were able to take advantage of the strong China demand and elevated nickel prices because our two mining assets were operational the whole year,” said DMCI Mining president Tulsi Das Reyes.
