DMCI Holdings, Inc. reported that its first-quarter net income surged by 164.9% to P11.26 billion from P4.25 billion year on year, driven by robust operating results of its coal, nickel and power businesses amid skyrocketing commodities and electricity prices.

“Semirara exceeded our expectations while DMCI Mining and DMCI Power both grew double-digits. But our construction and real estate businesses are showing signs of slowdown because of knock-on effects of the pandemic and Russia-Ukraine war,” DMCI Holdings Chairman and President Isidro A. Consunji said in a statement on Wednesday.

Consolidated core net income surged nearly three times to P11.26 billion from P4.07 billion, excluding a nonrecurring gain of P179 million last year mainly from the deferred tax re-measurement impact of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act on Maynilad Water Services, Inc.’s service concession asset and a P12-million gain on sale of land of DMCI Homes.

Of its businesses, Semirara Mining and Power Corp. (SMPC)’s net income contribution surged more than six times to P8.52 billion from P1.32 billion, on the back of higher coal production, shipment and average selling prices, and higher spot electricity sales at elevated prices.

DMCI Homes contributed P1.41 billion, lower by 7% from P1.52 billion, due to lower construction accomplishments, fewer new accounts that qualified for revenue recognition, and higher sales cancellations.

Net income contribution from DMCI Mining Corp. grew 20% from to P499 million from P415 million on higher nickel ore shipment and forex rates.

D.M. Consunji, Inc. recorded a 7% drop to P367 million from P393 million due to the absence of a one-time related party transaction for a joint venture infrastructure project.

Maynilad’s contribution rose by 11% to P319 million from P287 million on lower personnel, utilities and interest expenses.

DMCI Power contributed P132 million, a 12% upturn from P118 million, driven by higher generation and sales across all its service areas.

On Wednesday, DMCI Holdings shares ended lower by 0.61% or five centavos to finish at P8.15 at the stock exchange. — Luisa Maria Jacinta C. Jocson