DMCI Homes Posts P2.8B in 2024 Net Income, Strengthens Position for Future Launches

DMCI Homes delivered a net income of P2.8 billion in 2024, down 31% from P4.0 billion the previous year, as slower sales and fewer project launches during the pandemic continued to impact construction activity and revenue recognition.

​Excluding one-time gains from land sales, core net income fell by 35% to P2.5B, from P3.8B in 2023.

“2024 was a challenging year for the real estate industry, but it allowed us to sharpen our focus,” said DMCI Homes President Alfredo R. Austria.

“We focused our efforts on strengthening our financial position, preparing for future launches and developing new products for underserved markets. As the market recovers, we are ready to roll out projects that offer strong value and quality.”

Full-Year Operating Highlights

Residential demand remained soft in 2024, resulting in a 22-percent decline in unit sales compared to the previous year.

The average selling price (ASP) per unit rose by 18%, while price per square meter increased by 8%, mainly driven by elevated construction costs, the company’s shift toward more premium, centrally located developments and the sale of larger units.

Recent launches in Pasig, Quezon City, Cebu, and leisure developments continue to position DMCI Homes in more accessible and strategic locations.

From October to December (Q4), the ASP per unit rose by 77%, largely due to the sale of larger units. Projects sold in 2024 had an average size of 40 square meters, compared to 20 square meters in Anissa Heights, which drove strong sales take-up in 2023.

The company completed 11 buildings during the year, up from 7 in 2023, contributing to a rise in ready-for-occupancy (RFO) inventory. Of this, with 22% of RFO units have been leased through the growing Rent-to-Own program.

These completions also supported improved collections, which strengthened the company’s liquidity and reduce debt. As of December 31, 2024, cash and cash equivalents stood at P9.7B, with net gearing ratio improved to 73%. Total assets rose to P96.8B, and total equity grew 4% to P34.7B.

“While our selling prices rose year-on-year due to rising construction costs and a shift toward more premium developments, they remain highly competitive given the quality and value we deliver,” added Mr. Austria. “We remain committed to making homeownership more accessible, with homes built to the standards that define DMCI Homes.”

Outlook

DMCI Homes has seven pipeline projects across the country with a combined estimated sales value of P35.0B, which with launch timing dependent on market demand and prevailing conditions.

To support sales and leasing, the company is offering flexible payment terms, restructuring options, and expanding its rent-to-own program. It is also strengthening its sales network through enhanced in-house and international efforts.

DMCI Project Developers, Inc. (DMCI Homes), a wholly-owned subsidiary, is one of the leading mid-segment developers in the Philippines, offering best-in-class amenities and value-for-money properties in Metro Manila and other key urban areas. The company has also started to expand its portfolio into leisure and the high-end market. The company recognizes revenue based on construction progress and buyer payments. Since it typically takes 4 to 5 years before a sale is recorded as revenue, the slowdown in project launches during the pandemic continued to affect the company’s financial performance in 2024.