DMCI Holdings Inc. reported a net income of P19 billion in 2024, a 21-percent decline from P24 billion in 2023 on mixed results from core businesses.
DMCI said in a disclosure to the stock exchange Friday the weaker commodities and electricity prices, lower construction accomplishments and slump in real estate market contributed to the decline in 2024 profit.
It said the record-high water utility and off-grid power contributions, along with all-time high highest-ever coal shipments and power generation, helped cushion the decline.
“While some of our key businesses continue to face headwinds, our diversified portfolio helped mitigate the impact of challenging market conditions,” DMCI Holdings chairman and president Isidro Consunji said.
“In 2025, we remain focused on strengthening our group ecosystem with the addition of the cement segment, enhancing operational efficiencies and deploying targeted sales approaches to adapt to evolving market dynamics,” said Consunji.
Net income in the fourth quarter went down 14 percent to P3.8 billion from P4.4 billion in the same quarter in 2023 largely due to weaker contributions from the integrated energy, real estate and construction businesses.
Semirara Mining and Power Corp.’s net income contribution reached P3 billion in the fourth quarter, down 30 percent from a year ago due to weaker coal segment earnings.
Associate Maynilad Water Services Inc. more than doubled its contribution to P991 million, from P412 million, driven by higher billed volume, increased average effective tariff and lower direct costs.
DMCI Power delivered P294 million in net income contribution, down 10 percent year-on-year mainly due to accounting adjustments related to coal consumption purchases from SMPC.
DMCI Homes accounted for P278 million in net income contribution, lower by 34 percent than a year earlier amid lower real estate revenues and higher operating expenses.
DMCI Mining’s contribution more than tripled to P263 million from P86 million, on the back of improved selling prices and higher average nickel grade sold.
Construction arm D.M. Consunji Inc. swung to a P220-million net loss from P114 million net income last year, due to costs stemming from delays in key infrastructure projects.