DoubleDragon income up 15% to P12.9 billion

MANILA, Philippines — DoubleDragon Corp., the investment holding company of tycoon Edgar “Injap” Sia II, reported a consolidated net income of P12.92 billion last year, up by 14.56 percent from a year ago.

“Real estate cycles are constant alternating trends of lessees’ market during economic crisis periods and lessors’ market during boom times. Tenant profiles also change over decades. Given the cyclical nature of this, what will preserve the solid value of the shareholders over the long-term is their perpetual ownership of the prime titled land and quality buildings within the complex,” said Sia, DoubleDragon chairman.

DoubleDragon has four pillars of growth built over the years: office leasing, provincial retail leasing, industrial leasing and hospitality.

The provincial leasing portfolio is through City Malls in provincial city centers, while the office buildings are the 42-story Jollibee Tower in Ortigas CBD, DD Meridian Park complex at the Bay Area, The Skysuites Corporate Tower in QC, and soon, Robinsons DoubleDragon Square Building in Bridgetowne Libis.

Its CentralHub chain comprises industrial warehouse complexes while its hospitality business is Hotel 101, which is a concept that DoubleDragon will bring to different territories.

DoubleDragon envisions its subsidiary Hotel101 Global Pte Ltd to reach 500,000 uniform Hotel101 room portfolio globally by 2040 and aims to make the homegrown brand become one of the top five global hotel groups operating in over 101 countries.

“If one takes a step back, DoubleDragon is indeed one of the very few companies in the Philippines that has developed and prototyped a unique hotel business model that is portable to plant and grow in over 100 countries globally,” Sia said.

DoubleDragon chief investment officer Hannah Yulo-Luccini said over the years, DoubleDragon has been building up its portfolio of prime titled hard assets and has grown its total assets to over $2.8 billion, becoming one of the top 10 largest property companies in the Philippines.

Sia’s grocery chain MerryMart Consumer Corp., meanwhile, reported a net income of P321.78 million last year, up by a whopping 846.47 percent.

MerryMart has exceeded its original revenue target of P5 billion for 2022, with actual revenue at P6.72 billion.

“As previously set, the next very important goal will be to reach P12 billion revenue mark as soon as possible, then from that point onwards we expect a far higher velocity of revenue growth toward the P120 billion revenue goal that we have set for 2030,” Sia said.