MANILA, Philippines — D.M. Wenceslao & Associates Inc. reported a net income of P1.9 billion last year, up 23 percent on the back of the continued momentum in its office and residential segments.
Delfin Angelo “Buds” Wenceslao, chief executive officer of the company, said they expect to benefit from more opportunities in the future.
“We have a clear set of strong results and compelling opportunities ahead. Profitability has consistently improved over the years, with net income increasing 26 percent annually since 2016,” he said.
Wenceslao said the company’s holistic approach to Aseana City master plan brings together its construction and real estate development capabilities from project planning to property management.
“This full scope of services provides us with a diversified earnings base and substantial recurring revenue streams. More importantly, it positions us well to complete approximately 380,000 square meters of leasable and saleable properties by 2022 and grow Aseana City into a next generation central business district within Metro Manila,’ Wenceslao said.
The company registered revenues of P2.2 billion, of which P1.9 billion or 88 percent are recurring income from the leasing business.
Leasing of land went up five percent to P965.2 million, while rentals of buildings and other revenues related to leasing jumped 77 percent and 90 percent to P762.1 million and P173.8 million, respectively.
Residential unit sales, meanwhile, increased 153 percent to P119.4 million.
D.M. Wenceslao already delivered its third office building, Aseana Three, which added 30,000 sqm to the company’s total leasable gross floor area.
Construction of 8912 Asean Ave. (formerly Aseana Four) has also started and is on track for 2020 completion.
The company also unveiled its second residential project –MidPark Towers, a four-tower condominium.
Wenceslao said rising economic activity and employment opportunities in the Manila Bay area make the residential segment highly promising.
“We have expanded our footprint in this fast-growing market which we expect to rise further in 2019. MidPark Towers has achieved significant sales in the few weeks it has been available, where one tower was sold in one month since the project was launched in November,” he said.