Weaker commodities and electricity prices, lower construction activity and a sluggish real estate market triggered a 21 percent decline in profits for DMCI Holdings Inc., the diversified engineering conglomerate controlled by the Consunji Family, which posted a profit of P19 billion last year.

Despite the slump, DMCI reported on Friday that record-high contributions from its water utility and off-grid power businesses, along with all-time high coal shipments and power generation, helped offset the decline. Excluding non-recurring items, core net income was P18.8 billion, also down 21 percent from P23.9 billion.  

“While some of our key businesses continue to face headwinds, our diversified portfolio helped mitigate the impact of challenging market conditions. In 2025, we remain focused on strengthening our group ecosystem with the addition of the cement segment, enhancing operational efficiencies, and deploying targeted sales approaches to adapt to evolving market dynamics,” DMCI Holdings chairman and president Isidro A. Consunji said.  

In the fourth quarter, net income declined 14 percent to P3.8 billion from P4.4 billion, primarily due to weaker contributions from the energy, real estate and construction sectors. However, stronger performances from the water utility and nickel mining segments helped offset the drop.

Semirara profit also falls

Semirara Mining and Power Corporation’s contribution fell 30 percent to P2.1 billion from P3 billion, driven by weaker coal earnings, though the power segment remained stable.

Maynilad Water Services more than doubled its contribution to P991 million, up 140 percent from P412 million, due to higher billed volume, increased tariffs and lower direct costs.

DMCI Power’s contribution dropped 10 percent to P294 million from P327 million, impacted by accounting adjustments on coal purchases from SMPC. Standalone net income remained steady at P315 million, supported by higher energy sales.

DMCI Homes’ contribution fell 34 percent to P278 million from P419 million, as lower real estate revenues and higher operating costs outweigh gains from joint venture projects, rentals and finance income.

DMCI Mining’s contribution surged 206 percent to P263 million from P86 million, driven by improved selling prices and higher nickel grades.

D.M. Consunji Inc. posted a net loss of P220 million, reversing its P114-million net income last year, due to costs from delays in key infrastructure projects.