D.M. Wenceslao and Associates, Inc. (DMWAI) reported an 11 percent improvement in net income to P1.86 billion during the first nine months of 2020 from the P1.67 billion posted in the same period last year.

In a statement, the firm said growth was driven by the increase in revenue from the residential segment. Attributable net income increased 10 percent to P1.83 billion from the P1.66 billion reported year-on-year.

Revenues reached P2.20 billion in the first three quarters of 2020, increasing by 13 percent year-on-year, predominantly driven by the sustained sales growth in DMWAI’s residential portfolio. 

Recurring income comprised of rentals from land, buildings, and other income such as common usage service area fees totaled to P1.47 billion or 67 percent of the total revenues.

Leasing of land, rentals of buildings, and other revenue amounted to P733.24 million, P610.96 million, and P124.06 million, respectively.

DMWAI’s residential segment posted a 67 percent jump in condominium unit sales to P707.30 million from the P422.74 million reported in the same period last year.

Pixel Residences, which was fully pre-sold since June 2017, has allowed the Company to successfully recognize 83 percent or ₱1.25 billion in revenues due to the successful turnover of 42 percent of its inventory to buyers. 

“DMWAI’s sustained performance for the first nine months of the year is a testament of the company’s robust and solid fundamentals even in the face of adversity,” said DMWAI Chief Financial Officer Heherson Asiddao.

He added that, “Despite the unprecedented challenges posed by the current pandemic, we are confident in our short and long-term strategies as we continue to take strategic actions to fuel our momentum and position us for stronger growth in the future.”