D.M. Wenceslao and Associates, Inc.’s (DMW) 2023 net income increased more than threefold to ₱7.3 billion from ₱2.1 billion in 2022 on robust leasing, stable residential growth, and boosted by one-time gains.
DMW booked one-time gains amounting to ₱5.6 billion from the consolidation of a joint venture entity, disclosed last year. Excluding extraordinary items, DMW’s core net income stood at ₱1.7 billion, driven by strong leasing operations and stable residential growth. DMW’s core net income marks a 10 percent year-on-year growth from its 2022 ex-land sale net income of ₱1.5 billion.
Leasing revenue consisting of rentals from land, building, and other revenue including CUSA and parking fees jumped 19 percent to ₱2.6 billion, constituting 63 percent, the bulk majority, of total revenue. The growth was propelled by strong take up across the portfolio and the successful launch of Parqal in September 2023.
Situated in the heart of Aseana City, Parqal sprawls over 70,000 square-meters GLA across five hectares of land stretching from Diokno Avenue to Macapagal Boulevard. DMW’s total commercial building space increased by 45 percent yoy to 235,846 square-meters as of end-2023.
Residential revenues improved by 8 percent to ₱1.4 billion, buoyed by consistent construction progress and incremental units qualifying for revenue recognition.
DMW maintained a solid financial position, with a net cash of ₱1.8 billion and a high current ratio of 2.8 times.
“DMW is primed to climb even greater heights this year, riding a tailwind of robust economic growth, resurgence in commercial space demand, and surging mobility,” said Delfin Angelo ‘Buds’ Wenceslao, chief executive officer.
“Our flagship mixed-use project Parqal, which opened in September 2023, benefits from rapidly rising foot traffic and strong take-up from quality locators,” Wenceslao said.
