Conglomerate DMCI Holdings Inc. said Tuesday net income hit a record P20.3 billion in the first half, surpassing the 2021 full year earnings of P18.4 billion as all subsidiaries delivered robust growth.
DMCI said in a disclosure to the stock exchange net income surged 73 percent in the second quarter to a record P9 billion from P5.2 billion the same period last year.
It said higher coal, electricity, and nickel prices, coupled with higher revenue recognition from real estate business, drove the strong first-half and second-quarter results.
“We had a very strong first half because of elevated market prices. If the current trend holds till October, we hope to declare another round of special dividends for our shareholders before year-end,” said DMCI chairman and president Isidro Consunji.
DMCI declared special dividends of P0.14 per share in April on top of regular cash dividends in the amount of P0.34 per share.
Semirara Mining and Power Corp., the group’s coal mining and power generation firm, contributed P6.1 billion to total second-quarter net income, up 161 percent year-on-year, on the back of all-time high average coal selling prices and higher spot sales volume amid elevated market prices.
Semirara coal’s average selling price improved by 126 percent to a record high of P5,399 per metric ton from P2,393/MT as index prices continued to spike during the period.
Property unit DMCI Homes also contributed P1.3-billion profit, up 63 percent than P804 million last year on higher revenue recognition from ongoing projects and upward adjustment in selling prices.
Construction arm DM Consunji Inc. accounted for P516 million of total net income, an increase of 467 percent from P91 million with the completion of some projects and conservative revenue take-up the previous year.
DMCI Mining accounted for P510 million, up 27 percent from P403 million on higher average selling prices for nickel orem while contributions from DMCI Power jumped by 35 percent to P205 million on higher electricity sales volume and prices.