DMW’s Net Income Surges Threefold To PHP7.3 Billion In 2023

D.M. Wenceslao and Associates, Inc. (DMW) reported a significant increase in net income in 2023, soaring to PHP7.3 billion from PHP2.1 billion in 2022, as disclosed to the Philippine Stock Exchange (PSE).

Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer of DMW has expressed optimism about the company's prospects. I Photo: DM Wenceslao

The company attributed this remarkable growth to robust leasing, stable residential development, and one-time gains.

DMW revealed that it achieved substantial one-time gains amounting to PHP5.6 billion from the consolidation of a joint venture entity, which was disclosed in December 2023. Excluding these extraordinary items, DMW's core net income reached PHP1.7 billion, driven by strong leasing operations and stable residential growth.

Data indicated that DMW's core net income experienced a 10% year-on-year growth from its 2022 ex-land sale net income of PHP1.5 billion.

Leasing revenues, comprising rentals from land, buildings, and other revenues including CUSA and parking fees, surged by 19% to PHP2.6 billion, constituting 63% of total revenues.

The company highlighted that this growth was propelled by strong uptake across the portfolio and the successful launch of Parqal in September 2023.

Parqal, situated in the heart of Aseana City and spanning over 70,000 sqm GLA across five hectares of land stretching from Diokno Avenue to Macapagal Boulevard, contributed to a 45% year-on-year increase in DMW’s total commercial building space, reaching 235,846 sqm as of end-2023.

Residential revenues also saw improvement, rising by 8% to PHP1.4 billion, supported by consistent construction progress and incremental units qualifying for revenue recognition.

DMW maintained a solid financial position, with net cash of PHP1.8 billion and a high current ratio of 2.8x.

Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer of DMW, expressed optimism about the company's prospects, stating, “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. Our flagship mixed-use project Parqal, which opened in September 2023, benefits from rapidly rising foot traffic and strong uptake from quality locators.”

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem