DMCI Holdings net income down 20% to P24.9B as revenue drops

Business.(Business File photo)

DMCI Holdings Inc. reported a consolidated net income of P24.9 billion in 2023, a 20 percent pullback from P31.1 billion in 2022 and the second-highest ever for the company.

Higher net income contributions from the real estate, off-grid energy and water utility businesses muted the impact of lower contributions from the integrated energy, nickel and construction subsidiaries.

Average Newcastle and Indonesian Coal Index 4 prices dropped by 64 percent and 26 percent, respectively, while the Philippine Freight on Board nickel price (for 1.30 percent Ni) fell by 30 percent.

The average effective spot settlement price (ESSP) for all grids across the Philippines likewise declined double digits at 18 percent.

In 2023, consolidated revenues dropped by 14 percent to P122.8 billion from P142.6 billion the prior year due to normalizing coal, nickel and electricity prices, alongside a slowdown in construction and real estate activities, and an increase in revenue reversals stemming from the cancellation of real estate sales.

Excluding a 2022 non-recurring loss of P93 million mostly from the asset write-down of two gas turbines under Southwest Luzon Power Generation Corp. and a net non-recurring gain of P46 million mostly attributable to gain on sale of land by DMCI Homes in 2023, consolidated core net income decreased by 20 percent from P31.2 billion to P24.7 billion. / PR


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