DoubleDragon off to roaring start in H1

MANILA, Philippines — DoubleDragon Corp., the listed company chaired by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, came out roaring in the first six month of the year as core earnings more than doubled.

DoubleDragon saw its core net income surge by 162 percent to P2.41 billion in the first half, with revenues expanding by 23 percent year-on year to P8.55 billion.

The company said core revenues, which jumped by 70.2 percent year-on year, is accelerating strongly as part of its growth trajectory.

DoubleDragon said it continues its transition away from fair value gains and toward recurring and core operating revenues as the investment and leasing properties gets completed and starts to generate recurring revenues.

The company expects full shift to core revenues by 2028 onwards.

As of end June, DoubleDragon’s total assets reached P246 billion.

The company is set to open three new CityMall community malls, two more CentralHub warehouse complexes and five new full-sized MerryMart supermarkets in the second half.

It is also slated to open a Hotel101 in Davao, Cebu and Japan.

Following its strong performance in the first half, DoubleDragon said it expects an even higher jump in its core revenues by the second half.

This will be driven by the continued generation of core revenues from its leasing portfolios, new mall openings, new warehouses, new office tenants and new MerryMart supermarkets.

Also seen contributing significantly is the expected new unit sales from Hotel101 projects in the Philippines and overseas.

DoubleDragon is the first and only Filipino company that has a subsidiary listed on the US Nasdaq, enabling the company to gain access to the deep capital markets in the US for its pipeline of equity and capital raises.

The company’s board recently approved the creation of a Singapore special purpose vehicle, DD Hotel101 Worldwide One, which DoubleDragon will sponsor as a SGD 300-million real estate investment trust (REIT).

It is expected to become the fifth pure hospitality-listed REIT on the Singapore Stock Exchange.