Leases unleash DM earnings explosion
Aseana Square Aseana City
DM Wenceslao and Associates Inc., the developer of the 107-hectare Aseana City, saw its financial results in 2023 balloon by 248 percent to P7.3 billion on robust leasing and “stable” residential growth.
In a stock exchange filing on Tuesday, DM Wenceslao said its full-year earnings included a one-time gain of P5.6 billion from the consolidation of a joint-venture entity.
Excluding this gain, the listed company’s core income stood at P1.7 billion, up 13 percent from P1.5 billion the previous year.
READ: D.M. Wenceslao 9-month net up 39%
Leasing revenues, which include land and building rentals, jumped by 19 percent to P2.6 billion following the launch of Parqal, a five-hectare mixed-use development within Aseana City in Parañaque City.
As of December 2023, the total commercial building space of DM Wenceslao climbed by 45 percent to 235,846 square meters.
Meanwhile, residential revenues improved by 8 percent to P1.4 billion on “consistent construction progress.”
“DM [Wenceslao] 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 DM Wenceslao CEO Delfin Angelo Wenceslao.
