D.M. Wenceslao and Associates Inc. posted profit of P2.13 billion in 2020, down 10 percent from the prior year’s P2.37 billion.
Revenues reached P2.73 billion, down 22 percent from 2019’s P3.51 billion.
The company said its residential segment finished strong in 2020, registering a substantial 37 percent increase in sales at P749.3 million compared to the P547.65 million reported in the prior year.
“As of December 2020, the company had successfully turned over 91 percent of its inventory and recognized revenues amounting to P1.25 billion for its first residential project, Pixel Residences,” the company said.
Recurring income consisting of rentals from land, building and other revenues such as common use service area fees accounting for 72 percent of its revenues at P1.96 billion.
The company’s building leasing portfolio maintained a healthy occupancy rate of 93 percent, DM Wenceslao said.
“While 2020 proved to be a uniquely challenging year that caused unparalleled economic disruption globally, the risks that the pandemic posed in our business operations have been minimal,” said Delfin Angelo Wenceslao, DM Wenceslao chief executive officer.
“Despite the uncertainty brought upon by this pandemic, our leasing business proved to be a solid source of recurring income as our lease portfolio is spread across various industries with diverse area requirements and commercial considerations. Our residential segment continued to deliver favorable results for the year. Our performance in 2020 is reflective of not only the resiliency and scalability of our diversified business streams but also the execution capabilities of the DMWAI team,” he added.
Wenceslao said the company deployed 66 percent, P5.04 billion, of the net proceeds from its initial public offering to its pipeline projects last year.
“By the succeeding year, the company will see the completion of two projects in its pipeline – 8912 Asean Ave., DMWAI’s largest office project to date in 2Q2021, and Parqal, an integrated mixed-use development slated for completion in the fourth quarter of 2021.
Upon its completion, these projects will boost DMWAI’s available gross leasable area by 140,000 square meters, and further strengthen its recurring income streams,” Wenceslao said.