D.M. Wenceslao & Associates, Incorporated's Q12024 Net Income Grows to P551 Million

D.M. Wenceslao and Associates, Inc.’s (DMW) Q12024 net income grew to P551 million, buoyed by robust leasing operations

Lease income, which includes building and land rentals as well as other income from CUSA and parking fees, increased 31% year over year to P790 million, or 84% of total revenue. Notably, significant leasing activity throughout the entire portfolio and the 73,000 square meter increase in commercial GLA from Parqal's launch drove a 54% increase in commercial building revenues to P320 million. For new and expanded leases, land rentals went up 10% to P344 million.

Due to the timing of revenue recognition, residential revenues in Q12024 were P148 million. With P1.8 billion in net cash on hand and a high current ratio of 2.8x, DMW was able to retain its sound financial position.

“Our first quarter results reflect our strategic foresight in cultivating a holistic real estate portfolio,” said Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer. “Our focus on creating mixed-use environments that encapsulate the essence of live, work, and play has translated into strong sustained interest from a diverse range of tenants. This highlights the effectiveness of our strategy to provide not just spaces but destinations that enrich daily experiences,” Mr. Wenceslao added.

​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.