MANILA, Philippines — Conglomerate DMCI Holdings, Inc. saw its bottom-line fatten in 2022 on the back of higher energy prices.
In a disclosure sent to the Philippine Stock Exchange on Tuesday, the Consunji-led engineering conglomerate reported its consolidated net income skyrocketed 69% year-on-year to P31.1 billion in 2022.
The company said it benefitted from higher earnings across its segments in the past year. Consolidated revenues grew 32% on-year to P142.6 billion, as coal and electricity prices turned expensive in 2022.
The company’s fourth-quarter figures showed a dismal picture, however. Mounting operating expenses muted its revenues as earnings dropped 30% on-year to P3.5 billion.
DMCI attributed the decline to higher stripping costs, fuel expenses, income tax expenses as well as the peso’s strength towards the end of 2022.
“We expect these markets to soften this year, so our strategy is centered around increasing volumes and optimizing cost management to maintain healthy margin,” Isidro A. Consunji, company president and chairman, said.
Broken down, the earnings of Semirara Mining and Power Corp. ballooned 145% year-on-year to P22.7 billion in 2022 on the back of all-time domestic coal shipments, higher electricity spot market sales, and elevated market prices.
Profits of DMCI Power expanded 28% on a yearly basis to P742 million, pushed up by higher electricity sales and prices.
The conglomerate’s mining segment inched up 7% year-on-year to P1.3 billion in 2022, as DMCI Mining noted shipments plunged 25% as average selling prices turned expensive.
DMCI Homes’ net income improves 2% on-year to P4.4 billion as it sold more properties while reaping income from forfeitures.
Earnings from DM Consunji Inc. advanced 55% on an annual basis to P587 million, as the company noted it completed building and infrastructure projects.
Despite this, earnings of its Maynilad segment was trimmed 6% on-year to P1.4 billion in 2022. This was a result of higher operational costs, as upkeep and chemical costs were pricier. — Ramon Royandoyan