DMCI Holdings Inc. reported a record profit of P31.1 billion in 2022, and a 69 percent increase from P18.4 billion in 2021.
Revenues reached P142.6 billion, up 32 percent from P108.3 billion, largely a result of higher coal and electricity prices.
“2022 was a very good year for us. Bullish commodity and electricity markets brought a significant boost to our businesses,” said IsidroConsunji, DMCI Holdings chairman.
“We expect these markets to soften this year, so our strategy is centered around increasing volumes and optimizing cost management to maintain healthy margins,” Consunji said.
The company in a statement said excluding a 2021 non-recurring gain of P1 billion mainly from the re-measurement of deferred tax liabilities as a result of the CREATE law and a 2022 non-recurring loss of P93 million mostly from the asset write-down of two gas turbines under Southwest Luzon Power Generation Corp., it realized a core profit of P31.2 billion, an 80 percent increase from P17.4 billion the prior year.
Contribution from Semirara Mining and Power Corp. more than doubled to P22.7 billion from P9.2 billion, a 145 percent increase. Semirara experienced all-time high domestic coal shipments, higher spot electricity sales and elevated market prices for the year.
DMCI Homes contributed P4.5 billion in core earnings, a 2 percent increase from P4.4 billion, due to better selling prices and higher other income from forfeitures.
Maynilad net income contribution declined by 6 percent from P1.5 billion to P1.4 billion as a result of higher costs for light and power, repairs and maintenance, and chemicals.
DMCI Mining contribution improved by 7 percent from P1.2 billion to P1.3 billion amid a 25-percent drop in shipments due to a 15-percent jump in average selling price.
DMCI Power posted a profit contribution of P742 million delivered a 28-percent growth in contribution from P580 million to on higher electricity sales and average selling price.
Construction under unit D.M. Consunji Inc. contributed P587 million, up 55 percent from P378 million following the completion of building and infrastructure projects. – Ruelle Castro
