DMCI Holdings Reports P19.0B in FY Earnings, Down 21%; Q4 Net Income Declines 13% to P3.8B

​Diversified engineering conglomerate DMCI Holdings reported a net income of P19.0 billion in 2024, a 21% decline from P24.0 billion in the previous year, reflecting the impact of weaker commodities and electricity prices, lower construction accomplishments and an anemic real estate market.

Record-high water utility and off-grid power contributions, along with all-time high highest-ever coal shipments and power generation, helped cushion the decline.

Excluding nonrecurring items, core net income reached P18.8 billion, down 21% from P23.9 billion in 2023.

"While some of our key businesses continue to face headwinds, our diversified portfolio helped mitigate the impact of challenging market conditions. 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," said DMCI Holdings Chairman and President Isidro A. Consunji.

From October to December (Q4), reported net income fell by 14% from P4.4 billion to P3.8 billion, largely due to weaker contributions from the 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, Semirara Mining and Power Corporation’s net income contribution posted a 30% drop to P2.1 billion, from P3.0 billion, primarily due to weaker coal segment earnings, while power segment remained stable.

Associate Maynilad Water Services more than doubled (140%) its contribution to P991 million, from P412 million, driven by higher billed volume, increased average effective tariff and lower direct costs.

DMCI Power contributed P294 million, 10% lower from 327 million last, mainly due to accounting adjustments related to coal consumption purchases from SMPC. Standalone net income remained steady at P315 million on increased energy sales.

DMCI Homes recorded a 34% decline in contribution to P278 million, from P419 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 P263 million, up 206% from P86 million, owing to improved selling prices and higher average
nickel grade sold.

D.M. Consunji, Inc. swung to P220 million net loss, compared to a Php 114 million net income last year, due to costs stemming from delays in key infrastructure projects.