D.M. Wenceslao & Associates Inc. (DMW) saw its net income last year more than triple to P7.3 billion from P2.1 billion due to strong leasing and steady residential growth and one-off gains.

In a filing on Tuesday, the property developer noted that it notched a one-time gain of P5.6 billion from the acquisition of a majority stake in joint venture firm Bay Resources and Development Corp.

DMW's core net income minus extraordinary items stood at P1.7 billion, up 10 percent year on year, on the back of robust leasing operations and stable residential improvements.

The company is "primed to climb even greater heights this year, riding a tailwind of robust economic growth, a resurgence in commercial space demand and surging mobility," DMW Chief Executive Officer Delfin Angelo Wenceslao said in a statement.

"Our flagship mixed-use project, Parqal, which opened in September 2023, benefits from rapidly rising foot traffic and strong take-up from quality locators," he added.

Leasing earnings, which include rental from land, buildings and other revenues, climbed by 19 percent to P2.6 billion. These accounted for the lion's share of total revenues at 63 percent.

The growth, DMW said, was due to strong demand across the portfolio and the opening of Parqal, a shopping center with over 70,000 square meters (sqm) of gross leasable area across 5 hectares of land.

By the end of 2023, the company's total commercial building space was said to have grown by 45 percent year on year to 235,846 sqm.

Residential revenues, meanwhile, inched up by 8.0 percent to P1.4 billion, driven by consistent construction progress and additional units that qualified for revenue recognition.

DMW said it ended 2023 with a solid financial position, with net cash amounting to P1.8 billion and its current ratio settling at 2.8 times.

DMW's share price rose by 45 centavos, or 8.33 percent, to P5.85 amid a 0.07-percent dip for the benchmark Philippine Stock Exchange index.