DMCI declares ₱9.56-B cash dividends
Diversified engineering conglomerate DMCI Holdings, Inc. reported that its board of directors has approved cash dividends amounting to ₱9.56 billion.
In a disclosure to the Philippine Stock Exchange, the firm said the cash dividends consist of a regular cash dividend of P0.46 per common share and a special cash dividend of ₱0.26 for its shareholders on record as of April 22, 2024.
It noted that the total dividend payout of ₱9.56 billion represents 39 percent percent of the company’s consolidated core net income in 2023.
DMCI Holdings has a dividend policy that commits to a dividend payout ratio of at least 25 percent of the preceding year's consolidated core net income.
Ex-dividend date is marked for April 19, 2024 while the dividend distribution has been set for May 3, 2024. Based on its April 3 closing price of ₱12.28,
DMC’S total dividend translates to a cash dividend yield of 5.9 percent.
DMCI reported a 20 percent decline in consolidated net income to ₱24.9 billion last year from the ₱31.1 billion it earned in 2022. “Higher net income contributions from the real estate, off-grid energy, and water utility businesses muted the impact of lower contributions from the integrated energy, nickel and construction subsidiaries. “We saw sharp corrections in commodity and energy prices in 2023 but because our businesses did very well in terms of production and sales volume, we managed to prevent a severe decline in our profitability,” said DMCI Holdings Chairman and President Isidro A. Consunji.
In 2023, consolidated revenues dropped by 14 percent to ₱122.8 billion from ₱142.6 billion the prior year due to normalizing coal, nickel and electricity prices, alongside a slowdown in construction and real estate activities, and an increase in revenue reversals stemming from the cancellation of real estate sales. Excluding a 2022 non-recurring loss of ₱93 million mostly from the asset write-down of two gas turbines under Southwest Luzon Power Generation Corporation and a net non-recurring gain of ₱46 million mostly attributable to gain on sale of land by DMCI Homes in 2023, consolidated core net income decreased by 20 percent from ₱31.2 billion to ₱24.7 billion.