Semirara Mining and Power Corporation (SMPC), a subsidiary of DMCI Holdings Inc., contributed a primary chunk of profits to the engineering conglomerate, accounting for 63% in 2023.
In a report by Philippine Star, SMPC announced that the mining firm saw a decline in their net income contribution by 30%, from Php 22.7 billion in 2022 to Php 15.8 billion in 2023 due to electricity and coal decrease.
Furthermore, DMCI’s mining profit share also experienced a decline by close to half, from Php 1.3 billion to Php 655 million, owing to higher logistics costs and lower nickel values.
Parent company, DMCI Holdings Inc., experienced a 20% drop in its profit in 2023 because of price corrections in energy and nickel.
In its disclosure to the Philippine Stock Exchange, DMCI said that its net income declined from Php 31.1 billion in 2022 to Php 24.9 in 2023, however, the decline was remedied by boosting production and sales.
The company’s revenue also declined as it plummeted by 14%, from Php 142.6 to Php 122.8 billion. Consequently, the firm had to cut back on its development with reduced projects waiting for completion.
Also, DMCI Power’s profit contribution increased by 29% to Php 959 million, which was explained by an upsurge in gross generation and electricity dispatch.
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Tags: DMCI Holdings Inc.Semirara Mining and Power CorporationSMPC
