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Sunday, July 21, 2024

DMW declares highest cash dividend since IPO

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The board of directors of D.M. Wenceslao & Associates Inc. in a regular meeting on March 15, 2023 declared cash dividends amounting to P0.07 per share, or a total of P254.6 million, representing an increase of 23 percent from a year ago.

DMW said it would pay the cash dividends on April 5, 2023 to all stockholders on record as of March 30, 2023.

This is the company’s fifth consecutive annual cash dividend and its highest since it publicly listed in June 2018. DMW said its continuously growing earnings and robust financial standing enabled it to sustain cash dividend growth while simultaneously being in a hyper-growth stage.

“Since our IPO, we have notched a long list of milestones including, among others, the completion of 8912 Asean Ave, our largest office development yet; our successful diversification to Makati City with 58 Jupiter; the successful turnover of our fully sold Pixel Residences, the signing of major land-lease locators, and the substantial progress in the construction of our flagship commercial development Parqal and our second residential project MidPark Towers,” said DMW chief executive Delfin Angelo Wenceslao.

“While executing on all these expansion initiatives, we simultaneously distributed consistent and growing annual cash dividends. This is a testament to the strength of our financial position, and it demonstrates our steadfast commitment to improving shareholder value,” he said.

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