DMCI Holdings Inc. is optimistic about its 2024 prospects after a fairly good 2023 marked by “global market uncertainties, volatile prices, and high interest rates.”
“We ended 2023 with all-time high coal shipments and off-grid energy sales. Our sole operating nickel mine also posted record sales during the year,” said Isidro Consunji, DMCI Holdings chairman.
Consunji said last year, the group’s mining unit, Zambales Diversified Metals Corp., shipped 1.68 million wet metric tons (WMT) of nickel ore, a 16-percent upturn from 1.45 million WMT in 2022.
For 2024, Consunji maintains a cautiously optimistic outlook about the I group’s performance due to the combined effects of a cooling inflation, stabilizing interest rates, China’s economic slowdown and modest growth in the domestic energy market.
“Slowing sales and manufacturing in China could keep a lid on commodity prices. With less demand and activity, we expect prices to be somewhat lower than last year,” Consunji said.
Consunji believes interest rates, which seem to have reached their peak, are likely to stabilize or decrease in the latter part of the year, potentially easing borrowing costs and encouraging economic activities.
This is seen to be favorable for the DMCI Group.
“The government’s handling of infrastructure projects also appears to be a positive factor,” said Consunji.
“Improved scheduling and payment processes for these projects are expected to hasten construction activities, a development that could have ripple effects across various sectors of the economy,” he added.
The real estate sector is showing “signs of recovery,” according to Consunji.
“One of our projects, Solmera Coast, is doing extremely well. In less than five months, we have sold out 74 percent of our launched units,” he said.
Located in San Juan, Batangas, Solmera Coast is the first beachfront property project of DMCI Homes. As of Sept. 30, 2023, it yielded P6.8 billion in reservation sales for the real estate company.
“Overall, we expect the DMCI group to deliver another resilient performance this year,” consunji said.
