Diversified engineering conglomerate DMCI Holdings announced today that it recorded a consolidated net income of Php 4.0 billion for the second quarter of 2025, a 27% decrease from Php 5.5 billion in the same period last year. This decline was primarily attributed to lower contributions from its core coal, real estate, and construction businesses, as well as the ongoing integration of its newly acquired cement operations.
The company noted that improved earnings from its water distribution, nickel mining, and off-grid power segments helped to soften the impact of the decline.
“Business transition and integration take time, but our diverse business mix and engineering ecosystem continue to support the Group,” said DMCI Holdings Chairman and CEO Isidro A. Consunji. “We believe that the improvements we are making today will lead to meaningful value for our stakeholders in the long run.”
For the first half of the year, from January to June, consolidated net income dropped 18% to Php 9.1 billion, compared to Php 11.1 billion in the first half of 2024.
Segment Performance Breakdown
- Semirara Mining and Power Corporation: Contributed Php 2.3 billion, a 32% drop from Php 3.4 billion, due to soft energy market conditions that drove down selling prices. Record-high coal shipments and power sales in the second quarter partially mitigated the impact.
- DMCI Homes: Its contribution declined a modest 8% to Php 678 million from Php 737 million. Improved revenue recognition from newly-qualified accounts helped to offset higher operating and finance costs.
- Maynilad Water Services: The company’s associate grew its contribution by 33% to Php 973 million from Php 732 million, driven by higher average effective tariffs and prudent cost management.
- DMCI Power: Contributed Php 374 million, a 5% increase from Php 355 million, thanks to higher energy sales and the addition of new bunker-fired and wind power capacities in Palawan and Antique.
- DMCI Mining: This segment swung from a Php 43 million net loss to a Php 344 million net income. This was 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 Php 18 million, down from Php 250 million, due to higher project costs, delays, and conservative revenue recognition.
- Concreat Holdings Philippines: Incurred a net loss contribution of Php 682 million, mainly due to higher interest expenses 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 the end of June 2025, the DMCI Group maintained a strong financial position with a net gearing ratio of 22% and a current ratio of 2.4x.
