DMCI Holdings' 2022 profit soars to all-time high

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Metro Manila (CNN Philippines, March 7) — Diversified engineering conglomerate DMCI Holdings Inc. finished 2022 with record-high earnings.

In a disclosure Tuesday, the group said it saw its profit balloon to ₱31.1 billion last year, a 69% surge from 2021's ₱18.4 billion.

DMCI Holdings attributed its strong earnings to the higher contributions of its subsidiaries.

Consolidated revenues also jumped by 32% to ₱142.6 billion, buoyed by higher coal and electricity prices.

"2022 was a very good year for us. Bullish commodity and electricity markets brought a significant boost to our businesses," DMCI Holdings chairman and president Isidro A. Consunji was quoted as saying in the filing.

"We expect these markets to soften this year, so our strategy is centered around increasing volumes and optimizing cost management to maintain healthy margins," he added.

DMCI Holdings has operations in construction, residential development, coal and nickel mining, power, and water services.