PROPERTY developer D.M. Wenceslao and Associates Inc. (DMW) said core net income rose to P1.9 billion in 2025, up five percent from the previous year’s P1.8 billion and supported by steady rental income and stronger contributions from its residential business.
In a disclosure on Friday, the company said recurring revenues, which include rentals from land, commercial buildings and other leasing sources, reached P3.3 billion during the year, accounting for 86 percent of total revenues.
Income from commercial buildings and ancillary leasing activities reached P2.0 billion as occupancy across the company’s leasing portfolio remained stable.
Revenues from the residential segment increased by 29 percent to P499 million, driven by accounts that qualified for revenue recognition during the year.
The company said its MidPark Towers development had begun accommodating residents amid its integration into the broader Aseana City ecosystem.
The developer said it ended 2025 with a debt-to-equity ratio of 0.08 times and a net cash position of P1.4 billion, providing financial flexibility to support its development pipeline.
“FY 2025 reflects the strength of Aseana City as an integrated estate,” said Delfin Angelo Wenceslao, chief executive officer.
“As market conditions continue to evolve, we are focused on disciplined execution of our next wave of developments,” he added.
Despite continuing geopolitical risks, D.M. Wenceslao said it remained cautiously optimistic about the property market, noting that lower borrowing costs could help support demand.
“We continue to roll out developments through a lens of gradual market recovery,” the company CEO said. “With a strong balance sheet and a measured approach to expansion, we remain confident in delivering long-term value for our stakeholders.”
D. M. Wenceslao shares on Friday rose P0.03, or 0.59 percent, to close at P5.12 each.
