DM Wenceslao profit dipped to P2.13 B in 2020


D.M. Wenceslao and Associates, Inc. reported a 10 percent decline in consolidated attributable net income to P2.13 billion last year from the P2.37 billion earned in 2019.

 In a disclosure to the Philippine Stock Exchange, the firm said it recorded consolidated revenues of P2.73 billion for 2020, a 22 percent drop from P3.51 billion reported in the previous year. 

DMWAI’s residential segment finished strong in 2020, registering a substantial 37 percent increase totaling P749.3 million compared to the P547.65 million reported in 2019.

As of December 2020, the Company has successfully turned over 91 percent of its inventory and recognized revenues amounting to P1.25 billion for its first residential project, Pixel Residences.

Recurring income consisting of rentals from land, building, and other revenues such as common use service area fees continued to provide a robust source of revenue for the Company, accounting for 72 percent or P1.96 billion of the total revenues for 2020.

Notwithstanding the threats posed by the COVID-19 pandemic, the Company’s building leasing portfolio maintained a healthy occupancy rate of 93 percent.

“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 DMWAI Chief Executive Delfin Angelo Wenceslao.

He added that, “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”

Wenceslao noted that, “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.”

In 2020, DMWAI has successfully deployed P5.04 billion or 66 percent of the net proceeds from its initial public offering for the development of its pipeline projects.

This year, the Company said it 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 last quarter 2021.

Upon its completion, these projects will boost DMWAI’s available gross leasable area by 140,000 sqm., and further strengthen its recurring income streams.