MANILA – DM Wenceslao & Associates, Inc. (DMW) on Thursday reported a 24-percent increase in net income to PHP2.37 billion in 2019 on strong revenue growth and focused cost management.
Revenues grew 63 percent year on year to PHP3.51 billion, mainly driven by sales of land and condominium units.
“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,” Delfin Angelo “Buds” Wenceslao, chief executive officer, said.
As of Dec. 31, 2019, the company’s land holdings, completed properties, and pipeline development projects in Aseana City totaled 569,359 square meters and are valued at about PHP209.8 billion, according to Colliers.
Total leasable gross floor area aggregated to 89,914 square meters, leased land area was 158,079 square meters, and land reserves totaled 303,836 square meters.
“In 2020, we are stepping up execution of business strategies necessary for sustainable growth. These are to plan, complete, and operate our projects on schedule, within budget and within quality standards; pursue new product lines, geographies and partnerships profitably; develop our brand identity and positioning through quality developments and customer experience; cultivate a skilled and process-oriented team; and achieve double-digit net income growth through improved performance and managed cost strategies,” Wenceslao added. (PR)
