DoubleDragon H1 core earnings up 29% to P1.2 billion

By Iris Gonzales | The Philippine Star
August 16, 2022


MANILA, Philippines — DoubleDragon Corp., a holding company chaired by tycoon Edgar “Injap” Sia II, reported a consolidated core net income of P1.2 billion in the first half of the year, up 29 percent.

Consolidated revenues reached 26.8 percent to P3.41 billion during the period.

Sia said the company now has over 1.2 million square meters of completed gross floor area in Luzon, Visayas and Mindanao.

“From zero square meters of recurring income portfolio during its listing, to now over 1.2 million square meters of completed GFA that we can literally step on in Luzon, Visayas and Mindanao,” Sia said.

He said the company’s portfolio of hard assets is expected to mature and generate the optimum level of recurring income production before 2025.

Coming from a total equity of only less than P600 million when DoubleDragon filed for its initial public offering in 2014, total equity has increased to P71.44 billion.

DoubleDragon’s equity that consists generally of a string of diversified titled hard real estate assets located in prime and strategic locations nationwide continue to appreciate as years go by.

All this significant progress would have not been possible without the support of many of its stakeholders,” Sia said.

“We also continue to prepare for the planned REIT listing of the CentralHub industrial warehouse portfolio once the overall market conditions improve, and we continue to prepare to begin the construction of Hotel 101-Niseko in Hokkaido, Japan by the fourth quarter this year,” Sia said.

This developed as Sia’s MerryMart Consumer Corp. reported a 96.5 percent jump in net income to P32.25 million. Revenues reached P2.875 billion, up 55.9 percent.

DoubleDragon’s DDMP REIT Inc., meanwhile, reported a net income of P1.06 billion in the first half.

Total revenues increased by 2.9 percent to P1.23 billion and rental income went up to P1.14 billion.

Against this backdrop, the board of directors of DDMP REIT approved a cash dividend to all shareholders as of record of Aug. 31amounting to P486.7 million or P0.0272990 per share, with payment date of Sept. 26.

“We are glad for the many positive economic indicators that are recently signaling a new economic cycle post the Covid-19 pandemic, post the peak of Ukraine war tensions, and post the generally peaceful Philippine election. These past few weeks we have felt the buildup of fresh new tenant inquiries, ongoing negotiations and increased activities of the existing office and retail tenants. It looks like many companies are now starting to again make important long-term decisions on their growth and expansion plans,”said Sia, chairman of DDMP REIT.