DMCI Mining Corp. on Thursday said its core net income more than doubled last year to P1.4 billion from P575 million previously due to deferred tax liability re-measurement.
“2021 was a banner year for us. We were able to take advantage of the strong China demand and elevated nickel prices because our two mining assets were operational the whole year,” DMCI Mining President Tulsi Das C. Reyes said in a media release.
The latest profit figure excluded a nonrecurring income of P247 million. Revenues grew 63% to P4 billion in 2021 from P2.5 billion in the earlier year.
The mining company said it shipped 1.9 million wet metric tons (WMT) of nickel ore in 2021, higher by 18% than 1.6 WMT the previous year.
Due to surging nickel prices, shipments nearly tripled the company’s net income to P1.7 billion from P575 million.
Of the total nickel ore shipments, more than 1 million WMT came from Berong Nickel Corp. while Zambales Diversified Metals Corp. accounted for nearly 900,000 WMT.
“We expect significant market volatility due to the worsening conflict between Russia and Ukraine. The economic sanctions on Russia will lead to significant supply disruptions,” said Mr. Reyes.
DMCI Mining is a wholly owned subsidiary of the Consunji-owned DMCI Holdings, Inc., which holds businesses in general construction, coal and nickel mining, power generation, real estate development, water concession and manufacturing.
In the third quarter of 2021, DMCI Holdings attributable net income rose 112.8% to P3.99 billion from P1.88 billion in 2020.
For the January-September period last year, attributable net income increased 244.6% to P13.5 billion from P3.9 billion.
DMCI Holdings shares went up 35 centavos or 3.92% to close at P9.27 at the stock exchange on Thursday. — Luisa Maria Jacinta C. Jocson
