DoubleDragon earnings surge by 120% to P2.2 B

MANILA, Philippines — DoubleDragon Corp., the listed holding company chaired by Edgar “Injap” Sia II, reported a core net income of P2.2 billion in the nine months to September, up 120.6 percent versus a year ago.

Consolidated core revenue likewise grew by 23 percent to P5.66 billion as real estate sales doubled from the sale of Hotel101-Davao and Hotel101-Cebu Mactan Airport.

“The company’s nine-month net income consists purely of core recurring net income as there was P2.79 billion tax benefit related to one-off adjustments as a result of the implementation of the CREATE Law booked in the same period in 2021 last year as well as other one-off tax adjustments,” the company said in a statement.

Sia said DoubleDragon has been building its business fundamentals and simultaneously solidifying each and every underlying part of the business.

“Today, we are glad that the team has formed and calibrated its concept, brand and business units in four diversified real estate sectors,” he said.

These sectors are office leasing with its DD Meridian Park complex and the 42-story Jollibee Tower; provincial community mall leasing with its string of CityMalls; industrial warehouse complexes with CentralHubs; and condominium hotels or condotels through Hotel101.

“DoubleDragon is also glad to be one of the very few Filipino companies that has its own homegrown brand and unique hybrid condotel concept that is exportable outside of the Philippines. We believe that Hotel101 has a high potential to transcend as a mainstream global brand,” Sia said.

The company’s total assets grew by 3.5 percent to P146.68 billion during the nine-month period while net debt-to-equity ratio stood at a healthy 0.69 times versus its debt to equity ceiling of 2.33 times. The company’s unutilized debt capacity stood at P112.7 billion as of end-September.