By JAMES A. LOYOLA
D.M. Wenceslao & Associates saw its attributable net profit rise 24 percent to ₱2.37 billion last year on strong revenue growth and focused cost management.
In a disclosure to the Philippine Stock Exchange, the firm said operating profit expanded 65 percent to ₱2.27 billion. Cash flow from operating activities rose to ₱3.83 billion from ₱1.05 billion.
Revenues grew 63 percent year-over-year to ₱3.51 billion, mainly driven by sales of land and condominium units. Revenues from recurring income streams were up 3 percent to ₱1.96 billion or 56 percent of total revenues.
In particular, revenues from leasing of land increased 1 percent to ₱979.1 million, rentals of buildings increased 4 percent to ₱793.5 million and other revenues related to leasing increased 7 percent to ₱186.2 million.
Revenues from land sales were ₱935.9 million compared to ₱1.3 million in the prior year, and residential sales were ₱547.7 million compared to ₱119.4 million.
“I am pleased with our 2019 results, concluding another successful year marked by strong revenue and earnings growth as well as cash flow generation,” said DMW Chief Executive Delfin Angelo C. Wenceslao.
He added that, “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.” As of December 31, 2019, the company’s land holdings, completed properties and pipeline development projects in Aseana City totaled 569,359 sq.m. and are valued at approximately P209.8 billion, according to Colliers.
Total leasable gross floor area aggregated to 89,914 sq.m., leased land area was 158,079 sq.m. and land reserves totaled 303,836 sq.m.