Consunji-led DMCI Holdings Inc. is allotting about ₱70 billion for capital expenditures (capex) this year—including investments of affiliate Maynilad Water Services Inc., making its budget 45 percent more than the ₱48.3 billion it spent in 2024.
In an interview at the sidelines of the Shareholders’ Association of the Philippines (SharePHIL) general membership meeting, DMCI Holdings Executive Vice President and Chief Finance Officer Herbert Consunji said the bulk of this year’s capex—about ₱41 billion—will be spent by Maynilad for its expansion and service improvement projects.
For the firm’s performance this year, he said Semirara Mining and Power Corp. (SMPC) will continue to be the biggest contributor to its coal and power generation businesses.
He added that off-grid power subsidiary DMCI Power is also seen to post strong growth this year, although its share in the holding company’s revenues and earnings is relatively small compared to the other units.
DMCI reported a 21 percent drop in net income to ₱19 billion in 2024 from ₱24 billion in 2023, due to the impact of weaker commodities and electricity prices, lower construction accomplishments, and an anemic real estate market.
In a disclosure to the Philippine Stock Exchange, the firm said record-high water utility and off-grid power contributions, along with its highest-ever coal shipments and power generation, helped cushion the decline.
Excluding non-recurring items, core net income reached ₱18.8 billion last year, down 21 percent from ₱23.9 billion in 2023.
“While some of our key businesses continue to face headwinds, our diversified portfolio helped mitigate the impact of challenging market conditions,” said DMCI Holdings Chairman and President Isidro A. Consunji.
He noted that, “In 2025, we remain focused on strengthening our group ecosystem with the addition of the cement segment, enhancing operational efficiencies and deploying targeted sales approaches to adapt to evolving market dynamics.”
In the fourth quarter of 2024, DMCI’s reported net income declined 14 percent from ₱4.4 billion to ₱3.8 billion, largely due to weaker contributions from its integrated energy, real estate, and construction businesses.
Stronger performances from the water utility and nickel mining segments partially offset the decline.
In the fourth quarter, SMPC’s net income contribution posted a 30 percent drop, to ₱2.1 billion from ₱3 billion, primarily due to weaker coal segment earnings, while the power segment remained stable.
Associate Maynilad Water Services more than doubled (140 percent) its contribution, to ₱991 million from ₱412 million, driven by higher billed volume, increased average effective tariff, and lower direct costs.
DMCI Power contributed ₱294 million, 10 percent lower than ₱327 million a year ago, mainly due to accounting adjustments related to coal consumption purchases from SMPC. Standalone net income remained steady at ₱315 million on increased energy sales.
DMCI Homes recorded a 34 percent drop in contribution, to ₱278 million from ₱419 million, amid lower real estate revenues and higher operating expenses, despite increased revenue from joint-venture construction contracts, rentals, forfeitures, and finance income.
DMCI Mining’s contribution more than tripled to ₱263 million, up 206 percent from ₱86 million, owing to improved selling prices and higher average nickel grade sold.
Construction unit D.M. Consunji Inc. swung to a ₱220 million net loss, compared to its ₱114 million net income a year ago, due to costs stemming from delays in key infrastructure projects.