DMCI Holdings H1 Net Income Falls 18% to P9.1B; Q2 Earnings Tempered by Softer Energy, Real Estate, and Cement Integration

​Diversified engineering conglomerate DMCI Holdings posted a net income of P4.0 billion in the second quarter, a 27-percent decline from P5.5 billion in the same period last year, mainly due to lower contributions from its core coal, real estate, and construction businesses, alongside the ongoing integration of its newly acquired cement operations.

Improved earnings from the water distribution, nickel mining, and off-grid power segments helped cushion the decline.

“Business transition and integration take time, but our diverse business mix and engineering ecosystem continue to support the Group. We believe that the improvements we are making today will lead to meaningful value for our stakeholders in the long run,” said DMCI Holdings Chairman and CEO Isidro A. Consunji.

From January to June, consolidated net income dropped 18% to P9.1 billion from P11.1 billion in the first half of 2024.

Second Quarter Earnings Contribution Breakdown

Semirara Mining and Power Corporation contributed P2.3 billion, down 32% from P3.4 billion, as soft energy market conditions drove down selling prices. Record-high Q2 coal shipments and power sales partially mitigated the impact.

With improved revenue recognition from newly-qualified accounts, DMCI Homes contributed Php 678 million, a modest 8% decline from Php 737 million, despite higher operating and finance costs.

Associate Maynilad Water Services grew its contribution by 33% to P973 million, from P732 million, driven by higher average effective tariff and prudent cost management.

DMCI Power contributed P374 million, up 5% from P355 million, on higher energy sales and the addition of new bunker-fired and wind power capacities in Palawan and Antique, respectively.

DMCI Mining swung from a P43 million net loss to P344 million in net income, supported by improved selling prices and operational performance, following the full activation of Zambales Chromite Mining Company (ZCMC), which doubled the number of active mines.

D.M. Consunji, Inc. posted a lower contribution of P18 million, coming from P250 million in the previous year, due to higher project costs, delays, and conservative revenue recognition.

Concreat Holdings Philippines incurred a net loss contribution of P682 million, mainly due to higher interest expense and softer revenues. Recovery efforts are underway, with improvements aimed at enhancing sales and reducing costs through operating efficiencies and distribution network optimization.

As of end-June 2025, the DMCI Group sustained a healthy financial position, reflected by a net gearing ratio of 22% and a current ratio of 2.4x.

DMCI Holdings (PSE ticker: DMC) is the only listed Philippine conglomerate with construction and engineering as its core competency. Since its listing in 1995, the company has strategically expanded into real estate, mining, power, water and cement. Its subsidiaries and associate are key players in industries vital to national development. With a focus on nation building, DMCI Holdings invests exclusively in the Philippines, with most of its operations located outside Metro Manila.