DM Wenceslao Q1 income up by 2%, driven by strong leasing revenue

LISTED real estate developer D.M. Wenceslao and Associates, Inc. (DMW) reported a 2% increase in its first-quarter (Q1) net profit to P562 million, up from P551 million in the same period last year, driven by its commercial leasing segment.

Recurring revenue from the rental of land, commercial buildings, and other leasing sources rose by 14% to P899 million, accounting for 84% of total revenue, DMW said in a statement on Wednesday.

Revenue from commercial buildings increased by 27% to P406 million due to a year-on-year improvement in occupancy across the company’s commercial portfolio. Residential revenue grew by 13% to P167 million.

“Our first-quarter results underscore the merits of our integrated development strategy and focus on placemaking,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said.

DMW expects a surge in foot traffic and patronage at its Parqal mixed-use development in Parañaque City as the four-tower residential project MidPark nears full completion and handover.

“In Aseana City, we see demand rising to meet well-conceived supply, validating our approach of building not just structures but vibrant communities. As we move forward with our development pipeline, we remain confident in sustaining our momentum and delivering long-term value to our stakeholders,” Mr. Wenceslao said.

The company has a debt-to-equity ratio of only 0.07x and a net cash position of P1.7 billion, providing ample financial flexibility to support ongoing projects and growth initiatives.

DMW shares were unchanged at P5 per share on Wednesday. — Revin Mikhael D. Ochave