DIVERSIFIED engineering conglomerate DMCI Holdings recorded its highest-ever second quarter and first-half net income as all its subsidiaries delivered exceptional growth during the same period.

DMCI’s consolidated profits grew by 73 percent from P5.2 billion to P9 billion on the back of higher coal, electricity and nickel prices in their respective markets and higher revenues from its real estate subsidiary in the second quarter of 2022.

Core net income for the second quarter increased from P4.2 billion to P9 billion after the exclusion of nonrecurring gains of P37 million for 2022 and P1 billion in 2021 relative to the recalculation of deferred tax liabilities as a result of the impact of the Create (Corporate Recovery and Tax Incentives for Enterprises) Law.

DMCI Holdings more than doubled by 114 percent, its first-half bottom line from P9.5 billion to P20.3 billion, outperforming its 2021 full-year net income of P18.4 billion.

Excluding minimal nonrecurring gains this year of P36 million and P1.2 billion last year due to the Create Law, its core net income from January to June surged by 144 percent from P8.3 billion to P20.3 billion.

“We had a very strong first half because of elevated market prices. If the current trend holds till October, we hope to declare another round of special dividends for our shareholders before year-end,” said Isidro Consunji, DMCI Holdings chairman and president.

Last April, DMCI Holdings declared special dividends of 14 centavos per share on top of regular cash dividends in the amount of 34 centavos per share.

SMPC contributions increased by 161 percent from P2.3 billion to P6.1 billion on the back of all-time high average coal selling prices and higher spot sales volume amid elevated market prices.

DMCI Homes contributed P1.3 billion, 63 percent better than the P804 million recorded last year, owing to higher revenue recognition from ongoing projects and upward adjustment in selling prices.

D.M. Consunji’s revenues more than quintupled by 467 percent from P91 million to P516 million due to the completion of projects and conservative revenue take-up the previous year.

DMCI Mining accounted for P510 million, 27 percent better year on year from P403 million primarily due to higher average selling prices for nickel ore.

Maynilad saw a 9-percent drop in contributions from P431 million to P393 million owing to flat billed volume and higher operating costs.

Contributions from DMCI Power jumped by 35 percent from P152 million to P205 million because of higher electricity sales volume and prices.

DMCI Holdings grew its aggregate assets by 12 percent year on year due to higher cash and working capital. Net debt-to-equity ratio stood at 13 percent, a marked improvement from 32 percent at the end of 2021. Return on equity likewise improved to 31 percent over the last 12 months when compared to the previous year’s return of 16 percent.