.jpg "a2af9_dmci(1)"){kind=small}
Conglomerate DMCI Holdings Inc. said Tuesday net income reached a record P18.4 billion in 2021, up 214 percent from P5.9 billion in 2020 on the back of surging commodity prices and recovering electricity rates.
DMCI said in a disclosure to the stock exchange core net income also climbed 164 percent last year to P17.4 billion from P6.6 billion in 2020.
“Nearly all of our subsidiaries grew triple digits in 2021 because of higher productivity and what we believe is the start of a commodities supercycle,” said DMCI Holdings chairman and president Isidro Consunji.
The company said net income in the fourth quarter jumped 152 percent to P4.9 billion from P1.9 billion a year earlier.
Semirara Mining and Power Corp. contributed P9.2 billion to the group’s net income, a 360-percent increase from P2 billion. This was led by the 16-percent hike in coal sales, 71-percent jump in average coal selling prices and 49-percent rise in average electricity selling prices.
Net income contributions from DMCI Homes in 2021 more than doubled to P4.4 billion from P1.9 billion on the back of higher revenue recognition from accelerated construction accomplishments.
DMCI Mining also recorded a 150-percent jump in contributions to P1.2 billion from P483 million on record-high shipments of nearly 2 million wet metric tons and a 40-percent increase in average nickel selling prices. Jenniffer B. Austria
DMCI Power delivered P580 million in net income, up 8 percent from P537 million on the combined effect of higher electricity sales and lower fuel costs because of the commercial operation of its 15-megawatt Masbate thermal plant.
Construction arm D.M. Consunji Inc. grew its contributions more than three times to P378 million from P109 million on higher construction accomplishments and marginal pandemic-related expenses.
Consunji said coal and nickel prices were expected to remain volatile in 2022 because of the crisis in Ukraine, economic sanctions on Russia and possible policy interventions in China and Indonesia.
Newcastle coal prices reached an all-time high of $269.50 in October 2021 and is now trading above $400 per ton.
Meanwhile, nickel prices in the London Metal Exchange hit a ten-year high of $22,145 in September 2021 and is trading above $30,000 level.
