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DMCI earnings rise to record P17 B

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Diversified engineering conglomerate DMCI Holdings, Inc. reported a 164 percent surge in core net income to P17.4 billion last year, the highest in its history, from the P6.6 billion earned in 2020.

In a disclosure to the Philippine Stock Exchange, the firm said “Surging commodity prices, recovering electricity rates and higher construction accomplishments accounted for the spectacular growth.”Including a non-recurring income of P1 billion in 2021 mostly from deferred tax remeasurement under CREATE Law and non-recurring loss of P708 million mainly from sales cancellations for a real estate project in 2020, DMCI Holdings saw its net income surge by 214 percent from P5.9 billion to P18.

In 2021, Newcastle coal prices reached an all-time high of $269.50 in October while LME nickel hit a ten-year high of $22,145 in September.“This year, we expect extreme volatility in coal and nickel prices because of the ongoing crisis in Ukraine, economic sanctions on Russian and possible policy interventions of China and Indonesia,” added Consunji.

DMCI Mining recorded a 150-percent boost in contributions from P483 million to P1.2 billion on record-high shipments of nearly 2 million wet metric tons and a 40-percent increase in average nickel selling prices.

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