Construction and property development company D.M. Wenceslao and Associates Inc. said Wednesday net income in 2022 reached P2.1 billion, up 3 percent from 2021, fueled by higher earnings from residential and leasing projects.
DMW’s core net income grew at a faster rate of 13 percent.
“We kept our leverage ratios low with peso- denominated and fixed-rate debt that kept us insulated from forex fluctuations and the rise of interest rates,” said DMW chief executive Delfin Angelo Wenceslao in a stock exchange filing.
Wenceslao said the company proactively locked-in favorable pricing for majority of construction materials at start of construction to safeguard cost and protect margins.
He said despite the high interest rate and rising cost of materials, he remained optimistic about the long term growth story of the domestic economy and bright outlook for the real estate industry.