DM Wenceslao and Associates Inc. grew its profit last year to P7.3 billion from P2.1 billion, a 248 percent increase on “robust leasing, stable residential growth, and boosted by one-time gains.”
DM Wenceslao booked one-time gains amounting to P5.6 billion from the consolidation of a joint-venture entity. Excluding extraordinary items, core net income stood at P1.7 billion, driven by strong leasing operations and stable residential growth.
The company said its core profit marks a 10 percent growth from 2022 ex-land sale profit of P1.5 billion.
“Leasing revenues consisting of rentals from land, building, and other revenues jumped 19 percent to P2.6 billion, constituting 63 percent, the bulk majority, of total revenues. The growth was propelled by strong take up across the portfolio and the successful launch of Parqal in September 2023,” DM Wenceslao said.
“Residential revenues improved by 8 percent to P1.4 billion, buoyed by consistent construction progress and incremental units qualifying for revenue recognition,” it added.
DM Wenceslao said it closed the year with a net cash position of P1.8 billion.
