DMCI Holdings, Inc. has reported a 69% increase in its 2022 consolidated net income to P31.1 billion from P18.4 billion a year earlier due to higher contributions from its subsidiaries.

“2022 was a very good year for us. Bullish commodity and electricity markets brought a significant boost to our businesses,” DMCI Holdings Chairman and President Isidro A. Consunji said in a disclosure to the stock market on Tuesday.

The listed holding firm’s consolidated core net income, which excludes nonrecurring items, rose by 80% to P31.2 billion from P17.4 billion in the previous year.

The excluded one-off items are the P1-billion gain in 2021 from the remeasurement of deferred tax liabilities due to the Corporate Recovery and Tax Incentives for Enterprise Act, and the P93-million loss in 2022 mostly from the asset write-down of gas turbines under Southwest Luzon Power Generation Corp.

DMCI Holdings’ consolidated revenues went up by 32% to P142.6 billion last year from P108.3 billion in the previous year, driven by higher prices for coal and electricity.

Semirara Mining and Power Corp. more than doubled its contribution to P22.7 billion from P9.2 billion due to high domestic coal shipments, higher spot electricity sales, and elevated market prices.

DMCI Homes, which is the firm’s real estate arm DMCI Project Developers, Inc., contributed P4.5 billion because of better selling prices and higher income from forfeitures. Last year’s share was a 2% gain from P4.4 billion previously.

Maynilad Water Services, Inc.’s contributions declined by 6% to P1.4 billion from P1.5 billion as a result “of higher costs for light and power, repairs and maintenance, and chemicals.”

Additionally, DMCI Mining Corp. contributed 7% to P1.3 billion from P1.2 billion.

DMCI Power Corp. likewise contributed P724 million, 28% higher than the previous year’s P580 million, due to higher electricity sales and average selling price.

D.M. Consunji, Inc.’s contribution increased by 55% to P587 million from P378 million in the previous year after the completion of buildings and infrastructure projects.

For the quarter alone, consolidated net income fell by 30% to P3.5 billion last year from P4.9 billion in 2021. Core income also fell by 30% to P3.6 billion from P5.1 billion.

The decline was mainly due to the effects of higher stripping costs and fuel expenses, coupled with income tax expenses, fewer real estate accounts that became revenue, and the depreciation of the peso.

“We expect these markets to soften this year, so our strategy is centered around increasing volumes and optimizing cost management to maintain healthy margins,” said Mr. Consunji, who is also the chief executive officer.

Shares in DMCI Holdings fell by 2.1% or 24 centavos to close at P11.20 apiece at the stock market on Tuesday. — Adrian H. Halili