Consunji-led diversified engineering conglomerate DMCI Holdings reported a three percent improvement in net income to P4 billion for the third quarter of 2024, from P3.9 billion in the previous year.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said the increase was driven by stronger contributions from its water utility, power generation, construction, and nickel businesses, mitigating the impact of weaker results from coal mining and real estate.
Excluding non-recurring items, core net income also grew by three percent, from P3.9 billion in the third quarter of 2023 to P4 billion in the same period this year.
However, from January to September 2024, reported net income fell by 23 percent from P19.6 billion to P15.1 billion, attributable to weaker contributions from the integrated energy, real estate, and nickel businesses.
Stronger contributions from the water utility, off-grid power generation, and construction segments partially offset the decline.
DMCI said the group's nine-month bottom line remains 62 percent higher than the pre-pandemic level of P9.3 billion (2019) and 12 percent above the pre-global energy crisis level of P13.5 billion (2021).
"Each of our businesses has been affected differently by the new normal in an increasingly complex environment," said DMCI Holdings Chairman and President Isidro A. Consunji.
He added, "we are working hard to strengthen our group's ecosystem, enhance operational efficiency to address macroeconomic challenges and weaker commodity prices, and effectively protect our margins."
In the third quarter, Semirara Mining and Power Corporation’s attributable net income contribution declined by five percent to P1.8 billion from P1.9 billion last year, mainly due to weaker coal selling prices.
Improved power generation contribution and higher coal shipments partially offset the impact of the stabilizing energy market.
Associate Maynilad Water Services contributed P921 million in net income, up 55 percent from P596 million, on the back of higher billed volume, an increased average effective tariff, and lower cash costs.
DMCI Homes reported a contribution of P768 million, down 36 percent from P1.2 billion due to lower real estate revenues.
The decline was partially offset by increased contributions from joint venture construction revenues, rentals and forfeitures, and finance income.
DMCI Power posted a 23 percent rise in contribution to P328 million, from P267 million last year, due to the uptick in energy sales and average selling prices, along with reduced cash costs.
D.M. Consunji Inc. saw a 174 percent surge in contribution, from P47 million to P129 million, largely due to lower cash and non-cash costs, as well as higher finance income.
DMCI Mining’s contribution recovered to P48 million, compared to a P154 million loss last year, owing to increased shipments and improved selling prices amid a higher average nickel grade sold.