CONSTRUCTION and engineering firm D.M. Consunji, Inc. saw its order book increase by 12% in 2018, as it was tapped to build the first Ikea store in the Philippines and other private sector projects.
The local contractor said in a statement on Wednesday its order book stood at P27.9 billion at the end of 2018, higher than the P24.8 billion it posted in 2017.
Bulk of DM Consunji’s projects came from building and infrastructure contracts at P11.2 billion and P11.1 billion, respectively. Contracts from plants and utilities reached P2.9 billion, while energy projects hit P2.7 billion.
One of the company’s projects is the first Ikea store in the country, valued at about P1.6 billion. DM Consunji targets to complete its construction by 2021.
Sy-led SM Prime Holdings, Inc. is building the Philippine store of Swedish furniture maker Ikea, located within the Mall of Asia Complex in Pasay City. Ikea will occupy a gross floor area of 65,000 square meters, making it the largest Ikea store in the world.
DM Consunji was also tapped to build The Estate Makati, a luxury condominium jointly developed by SM Development Corp. and Federal Land, Inc. The company said they will construct the units using double-slab technology, which will allow owners to fully customize the layout of their units. The contract for The Estate Makati is worth P1.3 billion.
DM Consunji’s major ongoing projects include the Cavite-Laguna Expressway (CALAX) project of MPCALA Holdings, Inc., Prima Infra Dev. Corp.’s Bued Viaduct and Roadway, LRT Line 2 East Stations under the Department of Transportation, Ortigas & Company’s Maven at Capitol Commons, and Anchor Land Holdings, Inc.’s Anchor Grandsuites.
DM Consunji Senior Vice-President for Business Strategy Development Rebecca E. Civil said bulk of the revenues from these projects will be recognized next year, as most of the projects will be completed by then.
“Konti na lang matitira for 2021 so we need to add this year. Baka next quarter meron na kaming magandang balita (Maybe by next quarter, we have some good news),” Ms. Civil said in a press briefing in Makati City last week.
Ms. Civil noted that they are encountering right of way issues with some projects, including San Miguel Corp.’s Tarlac-Pangasinan-La Union Expressway.
She added the company is set to complete seven kilometers of the CALAX project by June, although the interchange from South Luzon going to be CALAX has yet to be bid out by the Department of Public Works and Highways, making the tollway inaccessible.
DM Consunji’s net income climbed 22% to P1.6 billion in 2018, from P1.28 billion in the previous year. — Arra B. Francia