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DMCI Holdings posts 20% profit drop in 2023
The Philippine Star
|March 07, 2024
Engineering conglomerate DMCI Holdings Inc. incurred a 20 percent drop in its profit in 2023 as business took a beating from price corrections in energy and nickel prices.
In a local stock filing, DMCI Holdings said its net income fell to P24.9 billion in 2023 from P31.1 billion in 2022, due to slowdowns in its energy, nickel and construction subsidiaries.
DMCI Holdings chairman and president Isidro Consunji said the company was expected to suffer a larger decline, but managed to prevent such a scenario by ramping up production and sales.
Revenue plunged by 14 percent to P122.8 billion in 2023 from P142.6 billion in 2022, as the market started to correct the prices of coal, nickel and power. DMCI Holdings also saw an overall pullback in construction activities with fewer projects waiting to be completed.
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