DMCI Holdings, Inc. (PSE: DMC), a leading engineering-based conglomerate, reported a consolidated net income of ₱5.1 billion for the first quarter of 2025, marking a 9% decline from ₱5.6 billion year-on-year. The dip primarily reflects stabilizing coal prices and the initial financial impact of integrating its newly acquired cement business, Concreat Holdings Philippines.
Despite the decline, strong performances from the Group’s real estate, water, nickel mining, and off-grid power segments helped temper the effects and highlighted the resilience of DMCI Holdings’ diversified business model.
“Market conditions today are very different from five years ago, but our businesses have adapted well,” said Isidro A. Consunji, Chairman and CEO of DMCI Holdings. “We continue to pursue organic growth across the portfolio, while laying the groundwork for a successful transformation of our cement operations.”
Segment Performance Highlights
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Semirara Mining and Power Corporation contributed ₱2.5 billion, a 31% drop from ₱3.7 billion in the previous year due to stabilizing coal prices and a higher proportion of lower-grade coal shipments. Stronger on-grid power operations provided partial offset.
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DMCI Homes posted a 56% surge in earnings contribution to ₱1.4 billion, driven by newly-recognized accounts, higher income from forfeitures and rentals, and robust finance income.
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Maynilad Water Services, an associate company, delivered a 39% increase in earnings to ₱926 million, buoyed by improved tariffs and lower cash costs, despite a slight drop in billed volume.
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DMCI Power recorded a modest 2% increase in contribution to ₱270 million, supported by stronger energy sales and expanded bunker-fired capacity in Palawan.
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DMCI Mining turned around its performance with a ₱409 million net income, compared to a ₱22 million loss in the previous year. This was largely due to improved selling prices and the activation of a second mine under Zambales Chromite Mining Company (ZCMC).
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D.M. Consunji, Inc., the Group’s construction arm, saw its contribution fall to ₱50 million from ₱98 million due to higher cash costs, project delays, and conservative revenue recognition.
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Concreat Holdings Philippines, the Group’s newest addition in the cement sector, posted a ₱546 million net loss, impacted by reduced volumes and higher interest expenses. Integration efforts are underway to drive long-term performance improvements.
