DoubleDragon marks new milestone, surpasses P100 billion in total equity

MANILA, Philippines — DoubleDragon Corp., the property developer chaired by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, has marked a new milestone by surpassing P100 billion in total equity.

DoubleDragon’s total equity reached P102.1 billion as of end-March, positioning the company as one of the few companies in the country with total equity at 12-digit level.

Since last year, the company has been aiming to exceed P100 billion in total equity for the first time.

Aside from achieving the milestone, DoubleDragon also posted robust profitability during the first quarter, with earnings soaring by 245 percent year-on-year to P2.05 billion on strong sales from its Hotel101 overseas projects.

The company generated revenues of P4.45 billion during the period, up by 117 percent year-on-year.

DoubleDragon’s revenues for the quarter was fueled primarily by a 69-percent surge in Hotel101 unit sales, driven by Hotel101 overseas projects.

The company exceeded 1.4 million gross floor area of completed recurring revenue asset portfolio from its string of hard assets spread out in prime locations in Luzon, Visayas and Mindanao.

It also holds assets overseas through its subsidiary Hotel101 Global.

“DoubleDragon in just about 10 years has completed over 1.4 million square meters of diversified asset portfolio consisting of a chain of provincial community malls in Luzon, Visayas and Mindanao, office buildings in Metro Manila, hotels in the Philippines and overseas and warehouse complexes around the country,” the company said.

DoubleDragon said that its net debt-to-equity ratio also remains very healthy at 0.76x, one of the lowest ratios among Philippine listed companies.

The company expects its balance sheet to be further solidified once the upcoming US Nasdaq listing of its subsidiary Hotel101 Global is completed.

DoubleDragon is targeting to proceed with the US listing of subsidiary Hotel101 Global this second quarter.

Once listed, Hotel101 will be the first Filipino company to have a subsidiary list and trade on US Nasdaq.

“DoubleDragon expects its Hotel101 subsidiary being an asset-light business model to become one of the major homegrown brand and business model export to other countries that would generate a significant US dollar inflow to the Philippine economy,” it said.