DMCI order book rises 12% last year to P12 billion on new projects

By VG Cabuag - March 13, 2019

https://businessmirror.com.ph/2019/03/13/dmci-order-book-rises-12-last-year-to-p12-billion-on-new-projects/

CONTRACTOR DM Consunji Inc. (DMCI) said it signed P12 billion worth of new projects in 2018, raising its order book by 12 percent year-on-year from P24.8 billion to P27.9 billion.

Building and infrastructure contracts accounted for the bulk of the order book at P11.2 billion and P11.1 billion, respectively. Energy projects reached P2.7 billion, while the value of plant and utilities contracts totaled P2.9 billion.

“Building pioneering structures is at the core of our DNA. We are grateful and excited to be part of these projects,” DMCI President and CEO Jorge A. Consunji said.

DMCI bagged two notable projects in 2018, which include the first Ikea store in the Philippines; and The Estate Makati, the ultra-luxury residential condominium project of SM group and Federal Land along Ayala Avenue in Makati.

Once completed, the Ikea outlet will be the biggest in the world at 65,000 square meters. The Estate Makati is the first residential building in the country to be constructed using double-slab technology, allowing owners to fully customize the layout of their units.

DMCI will construct the frame and wet works for the Ikea store, worth about P1.6 billion and is targeted to be completed in 2021, while the Estates project cost was about P1.3 billion.

On a stand-alone basis, DMCI recorded a full-year net income of over P1.6 billion in 2018, a 22-percent jump from P1.28 billion the previous year.

Rebecca E. Civil, DMCI senior vice president for business strategy and development, said the company needed to add more projects this year to continue growing the business.

“Most of our projects will be finished next year and there will be some left for 2021. We need to add more projects this year,” Civil said.

She said some of the projects that will be completed possibly this year or early next year are the San Miguel Corp. projects on the last phase of the Tarlac-Pangasinan-La Union Expressway (TPLEx) and Stage 3 of Skyway, though both still have right- of-way issues.

In the 1950s DMCI built the Picache building in Plaza Miranda, considered the first real skyscraper in the Philippines. At that time, the 12-story structure proved that buildings could go higher than 10 floors.

DMCI also built SM Megamall in the late 1980s. The integrated shopping mall had a total floor area of 311,898 square meters.