DMCI’s 9-month income soared 245% to P13.5b

Conglomerate DMCI Holdings Inc. of the Consunji family said Tuesday nine-month net income soared by 245 percent to P13.5 billion from P3.9 billion in the same period last year, as core businesses delivered strong results.

DMCI said in a disclosure to the stock exchange nine-month consolidated revenues registered an all-time high of P80 billion, up by 82 percent from P44 billion last year.

The conglomerate attributed the robust revenues to the strong rally of coal, nickel and electricity prices, coupled with the steady increase in construction accomplishments.

Excluding non-recurring gains, core net income in the first nine months reached an all-time high of P12.31 billion, up from P4.5 billion in 2020.

The company said that in the third quarter, consolidated net income grew 113 percent to P4 billion, as revenues went up by 46 percent from P18 billion to P26.4 billion.

“This is our highest third-quarter revenue ever. If current market and operating conditions continue for the rest of the year, we expect our fourth-quarter results to be even better,” said DMCI Holdings chairman and president Isidro Consunji.

Net income contribution from Semirara Mining and Power Corp. surged 252 percent in the first nine months to P6 billion from P1.7 billion on higher coal shipments and average selling prices for coal and electricity.

The company’s residential business under DMCI Homes contributed P3.2 billion in core earnings, up 199 percent year-on-year on higher construction accomplishments and down payment recognition from new accounts.

DMCI Mining also delivered a 290-percent increase in net income contribution to P983 million on higher selling prices, shipment and production as two of its mines operated at full capacity this year.

Construction firm D.M. Consunji Inc. recovered from its P97-million net loss and contributed P585 million, thanks to higher construction accomplishments and minimal COVID-19 costs.

Meanwhile, DMCI Power generated a net income of P428 million, up 6 percent on higher electricity sales and average selling price.

The share price of DMCI Holdings climbed 6.9 percent to P8.18.