DMCI Holdings (DMC) Q4 2024 earnings summary

Executive summary

• 2024 marked a milestone year with major expansions, including the acquisition of Cemex Holdings Philippines (CHP), the launch of DMCI Homes' largest project in Cebu, and the opening of the ZCMC nickel mine.

• Full-year net income declined 21% to PHP 19.0 billion, mainly due to weaker results from commodities, real estate, and construction, despite record contributions from water utility and off-grid power.

• Q4 net income was PHP 3.8 billion, down 13–14% year-over-year, primarily from weaker energy, real estate, and construction segments.

• Maynilad and DMCI Power delivered record-high contributions, while DMCI Mining rebounded in Q4.

• Second-highest dividend payout in corporate history, totaling PHP 15.9 billion (10.7% yield).

Financial highlights

• FY 2024 revenues fell 17% to PHP 102.4 billion; Q4 revenues down 18% year-over-year, reflecting normalizing commodity and energy prices, project delays, and a sluggish real estate market.

• Core EBITDA dropped 27% to PHP 32.6 billion; core net income down 22% to PHP 18.8 billion.

• Total assets grew 14% to PHP 288.4 billion, driven by CHP consolidation and investments; liabilities up 25%, equity rose 9% after a PHP 10 billion preferred share issuance.

• Total debt surged 38% to PHP 68.1 billion due to expansion activities; return on equity stood at 17%.

• Nearly PHP 45 billion was disbursed for debt servicing, dividends, and capex, yet liquidity and solvency metrics remained strong.

Outlook and guidance

• 27% capacity growth expected in 2025, with new power and wind projects to come online.

• Focus on boosting sales from existing real estate inventory, expanding payment channels, and leveraging expertise for large-scale projects.

• DMCI Homes expects flat revenue and net income for 2025 due to weak post-pandemic sales and high cancellations.

• Maynilad to implement further tariff adjustments and intensify service investments.

• Addition of the cement segment planned for 2025 to strengthen the group ecosystem.