D.M. WENCESLAO and Associates, Inc. (DMW) saw its net income for 2023 rise over three times to P7.3 billion from P2.1 billion the prior year, the listed property developer announced on Tuesday.

The company’s 2023 net income was boosted by one-time gains worth P5.6 billion from the consolidation of a joint venture entity in December, DMW said in a stock exchange disclosure.

Leasing revenues jumped 19% to P2.6 billion, and accounted for 63% of the company’s overall revenues.

The growth was supported by strong take up across DMW’s portfolio and the launch of Parqal, a five-hectare mixed-use campus development in Parañaque City that has 70,000 square meters (sq.m.) of gross leasable area.

“Our flagship mixed-use project Parqal, which opened in September 2023, benefits from rapidly rising foot traffic and strong take-up from quality locators,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said.

The company’s residential revenues rose by 8% to P1.4 billion, led by “consistent construction progress and incremental units qualifying for revenue recognition.”

“DMW is primed to climb even greater heights this year, riding a tailwind of robust economic growth, resurgence in commercial space demand, and surging mobility,” Mr. Wenceslao said.

The company said in December that it had secured a majority stake in Bay Resources and Development Corp. (BRDC) after subscribing to 232.17 million worth of shares. The subscription increased DMW’s stake in BRDC to 51% from 50%.

In 1992, DMW entered into a joint venture agreement with the Armed Forces of the Philippines Retirement and Separation Benefits System to form BRDC, with each owning a 50% interest.

BRDC currently owns parcels of land in Aseana City and has existing land lease contracts.

DMW said in a separate disclosure that its board had approved the subscription to 1.875 million new common shares of Aseana Water Services Management, Inc. (AWSMI) for P1.875 million.

Following the transaction, DMW’s ownership in AWSMI is now at 75%, making the latter a subsidiary of the listed property developer.

DMW has developed over 400,000 sq.m. of land and buildings and completed over 140 construction and infrastructure projects since its incorporation in 1965. It is also the master developer and primary owner of the 107.5-hectare Aseana City development along the coastal waters of Manila Bay.

On Tuesday, DMW shares improved by 8.33% or 45 centavos to P5.85 per share. — Revin Mikhael D. Ochave