DMCI Holdings (DMC) Q4 2024 earnings summary

Executive summary

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

• Consolidated net income declined 21% year-over-year to PHP 19.0 billion, mainly due to weaker contributions from commodities, real estate, and construction.

• Record-high contributions from Maynilad and DMCI Power, with DMCI Mining rebounding in Q4 and all-time high coal shipments and power generation.

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

Financial highlights

• FY 2024 net income: PHP 19.0 billion, down 21% year-over-year; Q4 net income: PHP 3.8 billion, down 13–14% year-over-year.

• FY 2024 revenues fell 17% to PHP 102.4 billion; core EBITDA dropped 27% to PHP 32.6 billion.

• Total assets grew 14% to PHP 288.4 billion, liabilities up 25%, and equity up 9% after the PHP 10 billion preferred share issuance for CHP acquisition.

• Return on equity at 17% for FY 2024.

• Total debt surged 38% to PHP 68.1 billion due to expansion activities.

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 enhancing operational efficiencies.

• Coal and power prices expected to stabilize; Maynilad to implement further rate adjustments and intensify service investments.

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