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Diversified engineering conglomerate DMCI Holdings Inc. of the Consunji Group reported a 21 percent drop inn net income to ₱19.0 billion in 2024 from ₱24.0 billion in 2023 due to the impact of weaker commodities and electricity prices, lower construction accomplishments and an anemic real estate market.
In a disclosure to the Philippine Stock Exchange, the firm said 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.
Excluding non-recurring items, core net income reached ₱18.8 billion last year, down 21 percent from ₱23.9 billion in 2023.
DMCI Holdings Chairman and President Isidro A. Consunji"While some of our key businesses continue to face headwinds, our diversified portfolio helped mitigate the impact of challenging market conditions," said DMCI Holdings Chairman and President Isidro A. Consunji.
He noted that, “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.”
In the fourth quarter of 2024, DMCI’s reported net income declined 14 percent from ₱4.4 billion to ₱3.8 billion, largely due to weaker contributions from the integrated energy, real estate, and construction businesses.
Stronger performances from the water utility and nickel mining segments partially offset the decline.
In the fourth quarter, Semirara Mining and Power Corporation’s net income contribution posted a 30 percent drop to ₱2.1 billion, from ₱3.0 billion, primarily due to weaker coal segment earnings, while power segment remained stable.
Associate Maynilad Water Services more than doubled (140 percent) its contribution to ₱991 million, from ₱412 million, driven by higher billed volume, increased average effective tariff and lower direct costs.
DMCI Power contributed ₱294 million, 10 percent lower from 327 million last, mainly due to accounting adjustments related to coal consumption purchases from SMPC. Standalone net income remained steady at ₱315 million on increased energy sales.
DMCI Homes recorded a 34 percent drop in contribution to ₱278 million, from ₱419 million, amid lower real estate revenues and higher operating expenses, despite increased revenue from joint venture construction contracts, rentals, forfeitures and finance income.
DMCI Mining’s contribution more than tripled to ₱263 million, up 206 percent from ₱86 million, owing to improved selling prices and higher average nickel grade sold.
Construction unit D.M. Consunji, Inc. swung to a ₱220 million net loss, compared to a ₱114 million net income last year, due to costs stemming from delays in key infrastructure projects.
