DMCI Holdings Inc. delivered its strongest first-half performance in years, powered by a surge in nickel mining earnings and resilient contributions from power and real estate. Yet investors increasingly face a new question: whether the conglomerate's growing cash pile is being preserved not for higher dividends, but for a future battle over Semirara Island's most important coal asset. The Consunji-led conglomerate reported first-half core net income of ₱11.28 billion , up 25% from a year earlier, while reported net income rose 26% to ₱11.38 billion . Second-quarter earnings were even more impressive, jumping 61% year over year to ₱6.52 billion . The standout performer was DMCI Mining. Revenue from the nickel business nearly doubled to ₱5.09 billion in the first six months of 2026 from ₱2.59 billion a year earlier, while net income contribution soared 130% to ₱1.74 billion . During the second quarter alone, nickel shipments reached a record 1.26 million wet metric ...