D.M. Wenceslao & Associates, Incorporated's 2023 Net Income Increases Over Threefold to PHP 7.3 Billion

D.M. Wenceslao & Associates, Inc.'s (DMW) 2023 net income climbed more than threefold to P7.3 billion from P2.1 billion in 2022, driven by strong leasing, consistent residential growth, and one-time profits.

DMW booked one-time gains of P5.6 billion from the consolidation of a JV business, which was revealed in December 2023. Excluding unusual items, DMW's core net income was P1.7 billion, driven by solid leasing operations and consistent residential growth. DMW's core net income increased by 10% year-on-year from P1.5 billion in 2022, excluding land sales.
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Leasing revenues, which include leases from land and buildings, as well as other revenues such as CUSA and parking fees, increased 19% to P2.6 billion, accounting for 63% of total revenue. Strong demand throughout the portfolio, as well as the successful introduction of Parqal in September 2023, drove the rise.

Parqal, located in the heart of Aseana City, spans five hectares of land from Diokno Avenue to Macapagal Boulevard, with about 70,000 square meters of GLA. DMW's total commercial building area increased by 45% year on year to 235,846 sqms as of the end of 2023.

Residential revenues increased by 8% to P1.4 billion, owing to steady construction progress and additional units qualifying for revenue recognition.

DMW's financial condition remained stable, with net cash of P1.8 billion and a high current ratio of 2.8x.

“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 Mr. 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,” said Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer.

​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 located along the coastal waters of Manila Bay. Since 1965, DMW has reclaimed more than 2.4 million square meters of land leased or developed over 400,000 square meters of land and buildings and completed over 140 construction and infrastructure projects including large, complex government developments throughout the Philippines.