D.M. Wenceslao Earnings Up 44%

D.M. Wenceslao and Associates, Inc.’s (DMW) today disclosed that its 2021 core net income jumped 44% year on year to ₱1.88 billion from ₱1.31 billion in 2020 on the back of the company’s resilient leasing businesses, improved residential gross margin, and boosted by a land sale transaction closed in the 4Q2021.

Photo Insert: The Company’s recurring income consisting of rentals from land, building, and other revenues such as common use service area fees, improved by 2% to ₱1.99 billion, accounting for 58% of total revenues.

To highlight, our 2021 core net income is also 12% higher compared to our ‘pre-pandemic’ 2019 core net income of Php1.68 billion. Note that DMW booked earnings bulky land sales amounting to ₱787.6 million and ₱935.9 million in 2021 and 2019, respectively. As such, core earnings in those fiscal years are closely comparable.

Core net income excludes the after-tax impact of one-off gains amounting to ₱850 million in 2019 and ₱1.00 billion in 2020 related to the termination of a JV agreement as well the adjustment of tax expense in 2021 due to the effects of CREATE Law.

The Company’s recurring income consisting of rentals from land, building, and other revenues such as common use service area fees, improved by 2% to ₱1.99 billion, accounting for 58% of total revenues.

In the fourth quarter of 2021, DMW attained major corporate milestones including 1.) A notable 79% YoY increase in commercial building GLA; 2.) Advancement of diversification efforts, and 3.) Addition of a highly prized land lease tenant in Aseana City.

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