Engineering conglomerate DMCI Holdings Inc. of the Consunji family said Tuesday net income jumped 375 percent in the first half to P9.5 billion from P2 billion in the same period last year, as most business units posted triple-digit profit growth.
DMCI attributed the company’s strong financial performance to the exceptional rebound of subsidiaries Semirara Mining and Power Corp., DMCI Homes and DMCI Mining.
DMCI president Isidro Consunji said given the first-half performance, the group was poised to hit if not exceed the pre-pandemic annual net income of P10.5 billion.
Excluding a non-recurring gain of P1.2 billion this year relative to the re-measurement of deferred tax liabilities as a result of the Corporate Recovery and Tax Incentives for Enterprises Act and P586-million net loss mainly from sales cancellations for a real estate project last year, consolidated core net income still jumped 217 percent to P8.3 billion from P2.6 billion a year earlier.
“Coal and nickel prices were rallying, while our production was ramping up so our second quarter was even better than our Q1. Revenue recognition in our real estate business also improved on higher productivity,” said DMCI Holdings chairman and president Isidro Consunji.
DMCI Holdings recognized consolidated net earnings of P5.2 billion in the second quarter, up 269 percent year-on-year from P1.4 billion.
SMPC contributed P3.7 billion, a near threefold increase from P1.3 billion as coal production and shipments hit all-time high. The strong rebound in coal and electricity spot prices also boosted the company’s profit.
Contributions from DMCI Homes surged by 6,018 percent to P2.3 billion from only P38 million last year on higher construction accomplishments and recognition of down payment from new accounts.
DMCI Mining accounted for P818 million, a 345-percent improvement from P184 million on the back of higher production, average grade and shipment amid a booming nickel market.
Construction arm D.M. Consunji, Inc. contributed P484 million, or 426 percent higher than P92 million last year owing to higher construction accomplishments and minimal coronavirus-related expenses.
DMCI Power delivered a net income of P270 million, up 5 percent from a year ago because of higher electricity sales to Masbate and Palawan.