D.M. Wenceslao & Associates Inc. said net income in 2019 rose 24 percent to P2.37 billion, boosted by strong revenue growth and focused cost management.
DMW said in a disclosure to the stock exchange revenues last year increased 63 percent to P3.51 billion from a year ago, mainly driven by sales of land and condominium units.
Revenues from recurring business rose three percent to P1.96 billion, accounting for 56 percent of the total. Revenues from leasing of land added one percent to P979.1 million, while rentals of buildings climbed four percent to P793.5 million.
Revenues from land sales surged to P935.9 million from just P1.3 million in the 2018, while residential sales jumped 358 percent to P547.7 million from P119.4 million.
DMW chief executive Delfin Angelo Wenceslao said for this year, the company is stepping up execution of business strategies to sustain its growth momentum.
The property company has committed to complete projects on schedule and within budget and quality standards.
It also plans to pursue new product lines as well as new markets and partnerships and achieve a double-digit net income growth through improved performance and managed cost strategies.
“During the year, we delivered our first residential project, started construction on two commercial properties and reached different stages of development for our ongoing projects which will begin contributing meaningfully to earnings in 2020 and beyond,” Wenceslao said.
DMW’s completed properties and pipeline development projects in Aseana City totaled 569,359 square meters as of end 2019, with a value of approximately P209.8 billion, according to Colliers.
Total leasable gross floor area aggregated to 89,914 sq. m., with leased land area at 158,079 sq. m. and land reserves at 303,836 sq. m.
DMW is an integrated property developer with expertise in land reclamation, construction and real estate development. It is the master developer and primary owner of Aseana City, a development project with a total land area of 107.5 hectares along the coastal waters of Manila Bay.