Metro Manila (CNN Philippines, November 9) — The earnings of DMCI Holdings Inc. for the first three quarters of 2021 enjoyed a huge boost thanks to record-high revenues, according to its latest disclosure.
The diversified engineering conglomerate reported on Tuesday a consolidated net income of ₱4 billion in the third quarter, surging from ₱1.9 billion last year. This brought earnings from January to September to ₱13.5 billion, more than triple its ₱3.9-billion income in the same period in 2020.
The revenues of DMCI Holdings in the last quarter reached ₱26.4 billion, bringing cumulative revenues as of end-September to an all-time high of ₱80 billion.
Nearly double the ₱44 billion tallied last year, the stellar growth consolidated revenues came amid the “strong rally of coal, nickel and electricity prices, coupled with the steady increase in construction accomplishments.”
The listed conglomerate likewise reported that Semirara Mining and Power Corporation’s net income contribution rose to ₱6 billion during the three quarters from last year’s ₱1.7 billion, owing to higher coal shipments and average coal and electricity selling prices.
Meanwhile, DMCI Homes contributed ₱3.2 billion in core earnings, also up from ₱1 billion due to higher construction accomplishments and downpayment recognition from new accounts, according to the disclosure.
DMCI Mining provided ₱983 million in earnings, skyrocketing from ₱252 million last year on top of higher selling prices, shipment and production. This comes as two of its mines were at full operational capacity during the period, said DMCI Holdings.
Higher electricity sales and average selling prices drove DMCI Power’s net income contribution to ₱428 million, compared to ₱403 million from end-September 2020.
DM Consunji Inc. likewise swung from its ₱97 million net loss to contribute ₱585 million during the period, also due to an increase in construction accomplishments, along with “minimal COVID-19 costs,” said DMCI Holdings.
Maynilad’s contribution, however, fell slightly from ₱1.2 billion to ₱1.1 billion due to “sluggish billed volume and lower average effective tariff” resulting from quarantine restrictions.
“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 A. Consunji.
Shares of DMCI Holdings last traded higher by 6.93% on Tuesday, closing at ₱8.18 apiece.
