PROPERTY developer D.M. Wenceslao & Associates Inc. (DMW) said Monday that it would pay out "record-high" cash dividends totaling P268.2 million to all eligible shareholders next month.

It will be the sixth straight annual cash dividend payout since its initial public offering in 2018, the firm told the stock exchange.

"We remain steadfast in our commitment to improving shareholder value, recognizing with gratitude the shareholders' pivotal role in all our milestones and accolades," DMW Chief Executive Officer Delfin Angelo Wenceslao said in a statement.

"As we continue to propel our strategic expansion plans forward, we will simultaneously ensure consistent and growing dividends for our valued shareholders," he added.

This followed board approval for the declaration of dividends amounting to around 8 centavos per share, which will be paid on April 25 to all stockholders on record as of April 12.

The property developer said its consistent growth and strong financial position "enabled it to sustain continuous cash dividend growth while simultaneously executing on all its expansion initiatives."

DMW reported last week that net income in 2023 had more than tripled to P7.3 billion, from P2.1 billion the year before, on the back of robust leasing, stable residential growth and one-off gains.

It closed 2023 with a solid financial position, with net cash amounting to P1.8 billion and with its current ratio settling at 2.8 times.

DMW is engaged in land reclamation, construction and real estate development. It is the master developer and primary owner of Aseana City, a central business district development in Parañaque City.

The firm's shares were unchanged at P5.79 apiece on Monday.