DMCI Holdings Inc. said Tuesday net income last year increased 69 percent to P31.1 billion with all the subsidiaries of the diversified engineering conglomerate contributing significantly to the record results.
Consolidated revenues climbed in 2022 by 32% percent to P142.6 billion from P108.3 billion, primarily on higher coal and electricity prices.
“2022 was a very good year for us. Bullish commodity and electricity markets brought a significant boost to our businesses,” said DMCI Holdings chairman and president Isidro A. Consunji in a statement.
“We expect these markets to soften this year, so our strategy is centered around increasing volumes and optimizing cost management to maintain healthy margins,” he added.
Net income would have been higher and growth better if non-recurring items such as the P1.0 billion one-off gain mainly from the remeasurement of deferred tax liabilities as a result of the CREATE law in 2021 and a non-recurring loss of P93 million in 2022 mostly from the asset write-down of two gas turbines under Southwest Luzon Power Generation Corp. Net income would have grown 80 percent to P31.2 billion from P17.4 billion in 2021.
