Paranaque City, Philippines, March 15, 2021 – D.M. Wenceslao and Associates, Incorporated (PSE: DMW) (“DMWAI” or “the Company”) reported today its financial and operating results for full-year 2020. The Company recorded consolidated revenues of ₱2.73 billion, a 22% decrease from ₱3.51 billion reported last year. Net income attributable to equity holders reached ₱2.13 billion in 2020, a 10% decline from the ₱2.37 billion disclosed in 2019.
DMWAI’s residential segment finished strong in 2020, registering a substantial 37% increase totaling ₱749.3 million compared to the ₱547.65 million reported in the same period last year. As of December 2020, the Company has successfully turned over 91% of its inventory and recognized revenues amounting to ₱1.25 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% or ₱1.96 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%.
“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 Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer.
“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. 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,” Mr. Wenceslao added.
In 2020, DMWAI has successfully deployed ₱5.04 billion or 66% of its net proceeds from its initial public offering for the development of its pipeline projects. By the succeeding year, the Company will see the completion of two (2) 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 4Q2021. Upon its completion, these projects will boost DMWAI’s available gross leasable area by 140,000 sqm., and further strengthen its recurring income streams.
ABOUT D.M. WENCESLAO & ASSOCIATES, INCORPORATED
DMW is an integrated property developer with expertise in land reclamation, construction, and real estate development. It is the master developer and primary owner of Aseana City, a development project with a total land area of 107.5 hectares located along the coastal waters of Manila Bay. Since 1965, DMW has reclaimed more than 2.4 million square meters of land, leased or developed 250,000 square meters of land and buildings, and completed over 140 construction and infrastructure projects including large, complex government developments throughout the Philippines. For further information, visit dmwai.com or contact [email protected]