DMCI raises capex to P24.6B, keeps bulk for property unit

DMCI HOLDINGS, INC. is increasing its capital expenditure (capex) budget for its subsidiaries to P24.6 billion this year, up 11% from P22.2 billion in 2025, to support residential construction, expand its off-grid power capacity, and upgrade its cement operations.

For 2026, DMCI Holdings is allocating P15.5 billion, or 65% of the capex, to its property arm DMCI Project Developers, Inc. (DMCI Homes), the company said in a statement on Tuesday.

DMCI Homes’ budget for this year is lower than P17.9 billion in 2025 and will fund ongoing and new project construction as well as land banking, depending on market conditions.

The company has earmarked about P3.3 billion for DMCI Power to fund 44 megawatts (MW) of new capacity in Palawan, Occidental Mindoro, and Calapan.

It has also allocated P2.9 billion for Concreat Holdings Philippines for plant capacity improvements, operational upgrades, and preventive maintenance; P1.9 billion for Semirara Mining and Power Corp. mainly for power plant maintenance; P675 million for DMCI to re-fleet construction equipment and meet project requirements; and P300 million for DMCI Mining Corp.’s mine development initiatives.

For 2025, DMCI Holdings reported a 20% decline in consolidated net income to P15.1 billion from P19 billion a year earlier, mainly reflecting normalizing contributions from its integrated energy business and losses from integrating its cement segment.

Stronger performance from real estate, construction, water, nickel mining, and off-grid power partly offset the decline, the company said.

Semirara Mining and Power Corp. remained the group’s largest contributor with P7.3 billion, down 33% from P11.1 billion, due to softer energy prices, reduced shipments, and higher production costs.

Record coal production, power generation, and energy sales helped temper the impact of price normalization.

Associate Maynilad contributed P3.7 billion, up 11% from P3.3 billion, driven by approved tariff adjustments, stable billed connections, and improved network efficiencies.

DMCI Homes posted P3.3 billion, up 14% from P2.7 billion, supported by higher residential revenues, increased rental and finance income, and a one-off gain from the settlement of a claim involving a previous investment.

DMCI Power delivered a record contribution of P1.3 billion, up 1% from P1.2 billion, supported by record energy sales and capacity expansions in Palawan and Antique.

DMCI Mining contributed P924 million, up 276% from P246 million, driven by a recovery in nickel prices, higher output from its Zambales operations, and initial operations of the Long Point mine. The company also achieved record nickel ore production of 2 million wet metric tons during the year.

D.M. Consunji, Inc. reported P284 million, slightly higher than P247 million, driven by higher construction accomplishments from new projects, partly offset by increased costs related to project delays.

Meanwhile, Concreat Holdings Philippines posted a net loss of P1.9 billion due to higher financing expenses and lower average selling prices, although the company has implemented operational improvements to support recovery.

For the fourth quarter, DMCI’s consolidated net income stood at P3.3 billion, down 14% from P3.8 billion, as lower contributions from its integrated energy business and cement operations weighed on results, alongside the dilution of the group’s effective ownership in Maynilad following its November initial public offering.

At the stock exchange on Tuesday, shares in DMCI Holdings fell by 1.94% to close at P9.61 apiece. — Alexandria Grace C. Magno