C02143-2024

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)
Apr 12, 2024
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 1701
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 2023 Net Income Increases Over Threefold to Php7.3 Billion
Background/Description of the Disclosure

Paranaque City, Philippines, March 19, 2024 – D.M. Wenceslao and Associates, Inc.’s (DMW) 2023 net income increased more than threefold to Php7.3 billion from Php2.1 billion in 2022 on robust leasing, stable residential growth, and boosted by one-time gains. DMW booked one-time gains amounting to Php5.6 billion from the consolidation of a JV entity, disclosed in December 2023. Excluding extraordinary items, DMW’s core net income stood at Php1.7 billion, driven by strong leasing operations and stable residential growth. DMW’s core net income marks a 10% year-on-year growth from its 2022 ex-land sale net income of Php1.5 billion.

Leasing revenues consisting of rentals from land, building, and other revenues including CUSA and parking fees jumped 19% to Php2.6 billion, constituting 63%, the bulk majority, of total revenues. The growth was propelled by strong take up across the portfolio and the successful launch of Parqal in September 2023.

Situated in the heart of Aseana City, Parqal sprawls over 70,000sqms GLA across five hectares of land stretching from Diokno Avenue to Macapagal Boulevard. DMW’s total commercial building space increased by 45% yoy to 235,846sqms as of end-2023.

Residential revenues improved by 8% to Php1.4 billion, buoyed by consistent construction progress and incremental units qualifying for revenue recognition.

DMW maintained a solid financial position, with a net cash of Php1.8 billion and a high current ratio of 3.0x.

“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,” said Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer. “Our flagship mixed-use project Parqal, which opened in September 2023, benefits from rapidly rising foot traffic and strong take-up from quality locators,” said Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief
Executive Officer.
Other Relevant Information

The disclosure is amended to update the high current ratio consistent with the Corporation’s Annual Report for the year ended December 31, 2023.
Filed on behalf by:
Name Mark Gorriceta
Designation Chief Information Officer