D.M. Wenceslao and Associates, Inc. (DMW) reported that its net income increased more than threefold to P7.3 billion last year from ₱2.1 billion in 2022 mainly due to a one-time gain.

In a disclosure to the Philippine Stock Exchange, the firm said it booked one-time gains amounting to P5.6 billion from the consolidation of a joint venture entity, disclosed in December 2023. 

Excluding extraordinary items, DMW’s core net income stood at P1.7 billion, driven by strong leasing operations and stable residential growth. DMW’s core net income marks a 10 percent year-on-year growth from its 2022 ex-land sale net income of P1.5 billion.

Leasing revenues consisting of rentals from land, building, and other revenues including CUSA (common use service area) and parking fees jumped 19 percent to P2.6 billion, constituting 63 percent of total revenues.  

The growth was propelled by strong take up across the portfolio and the successful launch of Parqal in September 2023. Situated in the heart of Aseana City, Parqal sprawls over 70,000 square meters gross leasable area across five hectares of land. 

DMW’s total commercial building space increased by 45 percent year-on-year to 235,846 square meters as of end-2023.

Residential revenues improved by 8 percent to P1.4 billion, buoyed by consistent construction progress and incremental units qualifying for revenue recognition.

“DMW is primed to climb even greater heights this year, riding a tailwind of robust economic growth, resurgence in commercial space demand, and surging mobility,” said DMW Chief Executive Officer Delfin Angelo Wenceslao.

He added that, “Our flagship mixed-use project Parqal, which opened in September 2023, benefits from rapidly rising foot traffic and strong take-up from quality locators.”