D.M. Wenceslao & Associates, Incorporated's H1-2024 Net Income Rises to P918 Million

D.M. Wenceslao and Associates, Inc.’s (DMW) H1-2024 net income rose to P918 million, driven by strong leasing operations.

Recurring revenues consisting of rentals from land, building, and others jumped 34% year-on-year to P1.6 billion, representing 86% of total revenues.

Notably, commercial building revenues surged 59% to P669 million largely due to a higher commercial GLA of 235,846 sqms in the H1-2024 versus 162,351 sqms in the H12023. This growth was fueled by robust leasing activities across the whole portfolio, with marquee logistics and traditional tenants accounting for majority of commercial occupancy. Land rentals rose 14% to P680 million on the back of lease expansions. Residential revenues stood at P235 million in H12024, impacted by revenue recognition timing.

Gross profit increased to P1.4 billion, with land leasing gross profit contributing Php662 million, representing half of the total gross profit. Gross profit margin climbed even higher to 76% as the high-margin leasing businesses of DMW accounted for 90% of total gross profit.

“Our performance in the first half of 2024 highlights the stability and robust foundation of our business model,” said Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer. “Our best-in-class anchor locators— including top logistics multinationals, one of the country’s largest malls, major grocery warehouse chains, and the Philippines' leading healthcare institution. — ensures stable, long-term income streams. These partnerships, which extend up to 50 years, offer not only high margins but also significant growth opportunities through percentage-based sales collections.”

Mr. Wenceslao added, “In today’s evolving real estate landscape, we are redefining traditional spaces into dynamic, experiential environments. By integrating public amenities with commercial developments, Aseana City provides a unique third-space experience that blends work, leisure, and community engagement. This approach not only enhances the attractiveness of our properties but also fosters a vibrant and interconnected community. Our commitment is to create environments where every component adds value to the entire ecosystem, supporting the success of all our stakeholders.”

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.