DM Wenceslao and Associates Inc. reported a 3 percent growth in last year’s profit to P2.1 billion.
“Core net income, which excludes CREATE-related tax gains and other one-off gains resulting from the termination of a joint-venture agreement, grew at a faster pace of 13 percent,” the company said, referring to the Corporate Recovery and Tax Incentives for Enterprises Act.
The company’s core net income is 27 percent higher than its pre-pandemic 2019 core net income of P1.7 billion.
DM Wenceslao grew its rental revenues by 9 percent to P2.2 billion, accounting for 52 percent of total revenues.
The growth in rental revenues was driven by increased take-up in the newly opened commercial buildings. Parking revenues increased significantly due to better mobility throughout the year.
Residential revenues amounted to P1.3 billion on higher number of units qualified for revenue recognition and faster construction progress.
“DM Wenceslao’s business philosophy emphasizes the significance of remaining mindful of risks in the pursuit of growth opportunities. We kept our leverage ratios low with peso-denominated and fixed-rate debt that kept us insulated from forex fluctuations and the rise of interest rates. We also proactively locked-in favorable pricing for majority of construction materials at the outset of our projects, safeguarding our costs from the run-up in prices,” said Delfin Angelo Wenceslao, DM Wenceslao chief executive officer.
Throughout 2022, the company’s expansion continued, he added.
DM Wenceslao signed a 1.4-hectare land lease contract with St. Luke’s Medical Center, while residential construction remained in full-swing and led it to top-off the final tower of MidPark.
Wenceslao said construction of the company’s flagship commercial project, Parqal, remained in full throttle, reaching 89 percent completion rate as of December 2022. – Ruelle Castro
