EARNINGS of D.M. Wenceslao and Associates, Inc. (DMW) grew 24% in 2019, driven by a 63% jump in revenues and “focused cost management.”

In a regulatory filing Thursday, the integrated property developer said its attributable net profit in 2019 reached P2.37 billion, backed by consolidated revenues hitting P3.51 billion.

Most of the revenues came from its rental business, which climbed 3% to P1.96 billion last year. Revenues from construction contracts were cut 46% to P71.12 million, but was outweighed by a 359% surge in condominium unit sales to P547.65 million. Land sales also soared to P935.85 million from P1.25 million in 2018.

Cost of services and sales in 2019 grew more than double to P706.48 million from P346.79 million a year ago.

“I am pleased with our 2019 results, concluding another successful year marked by strong revenue and earnings growth as well as cash flow generation,” DMW Chief Executive Officer Delfin Angelo “Buds” C. Wenceslao.

He noted the year saw DMW’s first residential project and the construction of two commercial properties, which will start contributing to the company’s earnings this year.

As of end-2019, DMW’s 107.5-hectare Aseana City along Manila Bay had a total of 569,359 square meters in land holdings, completed properties and pipeline development projects, which are valued at approximately P209.8 billion.

In an earlier disclosure this week, DMW said its board of directors approved appropriating a portion of its retained earnings last year worth P2.4 billion for projects scheduled in 2020.

“In 2020, we are stepping up execution of business strategies necessary for sustainable growth,” Mr. Wenceslao said, noting a target a double-digit increase in net income by year’s end.

He said the target means focusing on completing projects on-schedule, within budget and within quality standards; expanding to new product lines, locations and partners; enhancing DMW’s brand and boosting its team’s skills; and improving performance and cost strategies.

Shares in DMW at the stock exchange shed eight centavos or 0.89% to P8.92 apiece yesterday. — Denise A. Valdez