C06297-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Aug 14, 2023
2. SEC Identification Number
26986
3. BIR Tax Identification No.
000-846-618-000
4. Exact name of issuer as specified in its charter
D.M. WENCESLAO & ASSOCIATES, INCORPORATED
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
15th Floor, Aseana 3, D. Macapagal Blvd corner Asean Ave., Aseana City, Paranaque City Postal Code 1714
8. Issuer's telephone number, including area code
(632) 8854-5711
9. Former name or former address, if changed since last report
Not Applicable
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 3,395,864,100
11. Indicate the item numbers reported herein
Not applicable

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

D.M. Wenceslao & Associates, IncorporatedDMW

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

DMW’s 1H2023 Net Income Reaches Php913 Million
Background/Description of the Disclosure

Paranaque City, Philippines, August 14, 2023 – D.M. Wenceslao and Associates, Inc.’s (DMW) 1H2023 net income reached Php913 million, driven by a substantial increase in residential earnings and supported by stable rental earnings growth.

In the 1H2022 period, a 1,790sqm land sale was recorded whereas no land sale was closed yet as of the 1H2023. While land sales are not part of the Company’s long-term revenue mix, DMW sells non-core parcels of land strategically. Currently, DMW only has ~4,200sqms of land available for sale. DMW’s 1H2023 net income of Php913 million reflects a 24% year-on-year growth from its 1H2022 ex-land sale net income of Php734 million.

Residential revenues surged 51% to Php704 million on the back of incremental units qualified for revenue recognition, continued construction progress, and additional sales take up.

The Company’s rental revenues consisting of rentals from land, building, and other revenues including CUSA and parking fees improved 6% to Php1.2 billion, accounting for 58% of total revenues. The growth in rental revenues was primarily driven by new land and building leases.
DMW maintained a net cash position of Php2.3 billion. Current ratio remained high at 1.5x.
Other Relevant Information

“In spite of prevailing challenges in the Philippine property landscape, promising opportunities are steadily emerging. Notably, office space requirements across traditional and emerging industries ramped up significantly, boosting our office leasing activities. Furthermore, investor-driven demand buoyed MidPark sales as residential investors anticipate major developments and infrastructure in Aseana City. In the mall segment, we expect the surging foot-traffic to be a strong tailwind for our soon-to-open flagship project Parqal,” said Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer. “As an integrated property company, D.M. Wenceslao is well-positioned to seize opportunities across the entire real estate spectrum” Mr. Wenceslao highlighted.
Filed on behalf by:
Name Mark Gorriceta
Designation Chief Information Officer