DMCI Power sees better performance in 2023

DMCI Power Corp., the power generation arm of DMCI Holdings, Inc., is expecting to outperform its 2022 performance next year, its top official said.

“I think our performance will be better in all aspects,” Isidro A. Consunji, chairman of DMCI Holdings, told reporters on Friday.

For the third quarter, DMCI Power’s income reached P549 million, up by 28.3% from the P428 million in the same quarter last year on higher electricity sales.

Mr. Consunji said that its coal and power business will continue to drive the company’s growth.

“I think our marketing is better. We have a more diversified market and the most turnaround is Semirara,” Mr. Consunji said.

In the company’s disclosure, Semirara Mining and Power Corp. (SMPC), a unit of DMCI Holdings, posted a third-quarter net income of P10.15 billion, more than twice the P4.01 billion recorded in the same period last year.

For the third quarter, SMPC recorded its revenues at P21.16 billion, 51.1% higher than the P14 billion logged in the same period last year.

The company attributed the increase to revenues from its coal business, which had the biggest shares in its total revenues at 71% or P15.04 billion, while its power business accounted for 28.9% or P6.12 billion.

SMPC’s nine-month net income rose by more than three times to P35.95 billion from P10.29 billion reported in the same period last year.

SMPC is primarily engaged in the business to explore, develop, and mine the coal resources. — Ashley Erika O. Jose