MANILA, Philippines — D.M. Wenceslao & Associates Inc. reported a net income of P2.37 billion last year, up 24 percent on strong revenues.
Operating profit expanded 65 percent to P2.27 billion as revenues grew 63 percent year on year to P3.51 billion due to strong sales of land assets and condominium units.
Delfin Wenceslao, DMW chief executive officer, looks forward to sustaining the growth in 2020.
“During the year, we delivered our first residential project, started construction on two commercial properties and reached different stages of development for our ongoing projects which will begin contributing meaningfully to earnings in 2020 and beyond,” he said.
Revenue from the company’s recurring income streams – 56 percent of total revenue – rose three percent to P1.96 billion.
Land sales jumped to P935.9 million from P1.3 million while residential sales grew to P547.7 million from P119.4 million.
Wenceslao said DMW would step up execution of business strategies necessary for sustainable growth.
“These are to plan, complete and operate our projects on schedule; pursue new product lines, geographies and partnerships profitably; develop our brand identity and positioning through quality developments and customer experience,” Wenceslao said.
As of Dec. 31, 2019, the company’s land holdings, completed properties and pipeline development projects in Aseana City totaled 569,359 square meters with approximate value of P209.8 billion, according to Colliers.
DMW, the listed master developer and primary owner of Aseana City, is a property company with expertise in reclamation.
Since 1965, DMW has reclaimed more than 2.4 million sqm of land, leased or developed 250,000 sqm of land and completed over 140 construction and infrastructure projects.