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Diversified Engineering Conglomerate, based in Manila, is to boost volume and improve cost control this year to counteract the anticipated decline in the commodity and electrical markets, which fueled the companies’ profits in 2017.

DMCI Holdings reported a 69 percent annual increase in earnings to PHP31.1 billion in 2022, a record-high for the business to date, in a filing to the local stock exchange on Tuesday.

The “bullish commodity and electrical markets,” according to DMCI Holdings Chairman and President Isidro A. Consunji, made last year “a very successful year for us.”

As a result, he said, “our approach is focused on expanding volumes and optimizing cost management to preserve solid margins.” We anticipate these markets to soften this year.

Due to “higher coal and electricity prices,” the conglomerate’s consolidated revenues increased by 32 percent to PHP108.3 billion in 2022.

Net of the PHP1 billion remeasurement of deferred tax liabilities due to the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act in 2021 and the PHP93 million non-recurring loss from the asset write-down of two gas turbines owned by Southwest Luzon Power Generation Corporation, core income also reached a record high, increasing by 80% to PHP31.2 billion.

This achievement, according to the corporation, happened despite a 30 percent drop in consolidated net income to PHP3.5 billion in the fourth quarter “as an increase in operational expenses outstripped sales.”

Consolidated core earnings for the time period, it was reported, decreased by 30% to PHP3.6 billion.

The report said, “The declines were caused by the combined effect of higher stripping costs and gasoline expenses, as well as an income tax expense, coupled with fewer real estate accounts that qualified for revenue recognition and appreciation of the peso against the dollar late last year.

Due to “all-time high domestic coal shipments, higher spot electricity sales, and raised market pricing,” the Semirara Mining and Power Corporation’s contribution to the group’s companies increased by 145 percent to PHP22.7 billion.

Due to higher other income from forfeitures and improved selling prices, DMCI Homes’ share of core earnings increased by 2% to PHP4.5 billion.

DMCI Mining contributed PHP1.3 billion, an increase of 7% from the previous year, despite a “25% decline in shipments due to a 15% hike in average selling price.”

Due to “increased power sales and average selling price,” DMCI Power also contributed PHP742 million in core earnings, up by 28 percent.

In the same vein, D.M. Consunji, Inc. reported PHP587 million, up 55% “after the completion of building and infrastructure projects.”

On the other side, despite a 4-percent increase in revenues, Maynilad’s share decreased by 6 percent year over year to PHP1.4 billion.

The development was attributed by the corporation to “increased costs for light and power, repairs and maintenance, and chemicals.”

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