Diversified engineering conglomerate DMCI Holdings, Inc. more than tripled its consolidated net income to P13.5 billion in the first nine months of 2021 from P3.9 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, consolidated core net income soared 173 percent from P4.5 billion to P12.3 billion, a record high for the company.
This is excluding a non-recurring loss of P592 million last year due mainly to sales cancellations for a DMCI Homes project and a non-recurring gain of P1.2 billion from the remeasurement of deferred tax liabilities as a result of the CREATE law and sale of a lot.
The firm said the surge in profits came on the back of an 82 percent jump in consolidated revenues to an all-time high of P80 billion from P44 billion the first three quarters of last year.
“Consolidated revenues skyrocketed on the strong rally of coal, nickel and electricity prices, coupled with the steady increase in construction accomplishments,” DMCI said.
For the third quarter alone, DMCI Holdings saw its consolidated net income and core earnings both grow 113 percent from P1.9 billion to P4 billion, as revenues for the period rose by 46 percent from P18 billion to P26.4 billion.
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“This is our highest third-quarter revenue ever. 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.
From January to September, net income contribution from Semirara Mining and Power Corporation surged 252 percent from P1.7 billion to P6 billion on higher coal shipments and average selling prices for coal and electricity.
Sluggish billed volume and lower average effective tariff as a result of quarantine restrictions pulled down Maynilad contribution by 8 percent from P1.2 billion to P1.1 billion.
DMCI Homes contributed P3.2 billion in core earnings, up 199 percent from P1 billion on higher construction accomplishments and down payment recognition from new accounts.
Contribution from DMCI Mining expanded by 290 percent from P252 million to P983 million on higher selling prices, shipment and production, as two of its mines operated at full capacity during the year.
D.M. Consunji, Inc. recovered from its P97 million net loss and contributed P585 million owing to higher construction accomplishments and minimal COVID-19 costs.
With higher electricity sales and average selling price, DMCI Power was able to raise its net income contribution by 6 percent from P403 million to P428 million.
Income from parent and others went up by 128 percent from a net loss of P54 million to a net income of P15 million on the absence of a one-time cost related to the COVID-19 pandemic.