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 in December 2023.
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 revenues consisting of rentals from land, building, and other revenues including CUSA and parking fees jumped 19 percent to ₱2.6 billion, constituting 63 percent, the bulk majority, of total revenues. The growth was propelled by strong take up across the portfolio and the successful launch of Parqal in September 2023.
“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 DMW chief executive officer Delfin Angelo Wenceslao.
Situated in the heart of Aseana City, Parqal sprawls over 70,000sqms GLA across five hectares of land stretching from Diokno Avenue to Macapagal Boulevard. DMW’s total commercial building space increased by 45 percent year-on-year to 235,846sqms 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 2.8x.
“Our flagship mixed-use project Parqal, which opened in September 2023, benefits from rapidly rising foot traffic and strong take-up from quality locators,” said DMW chief finance officer Delfin Angelo Wenceslao.