MANILA, Philippines — Double Dragon Corp., the listed holding company chaired by tycoon Edgar “Injap” Sia II, is targeting to grow its leasable portfolio to three million square meters by 2030.
At present, its portfolio is at 1.29 million sqm, already exceeding the one million target it set in 2014 during its initial public offering (IPO).
The company reported a consolidated net income of P1.6 billion in the first half of the year, nearly unchanged from last year.
Net income attributable to parent was down by 18 percent to P805 million.
However, first half consolidated revenue rose by 15.62 percent to P3.94 billion from a year ago.
Rental income was likewise up by 20.22 percent at P1.95 billion as traffic volume significantly improved across the company’s leasing portfolio.
“We are grateful for the experience and learnings the past eight years has taught us and we are excited as today is actually 180 days to the Year of the Dragon, which we believe to be an auspicious and monumental year for Double Dragon Corp.,” Sia said.
Sia’s listed supermarket chain operator, MerryMart Consumer Corp. reported a net income of P40.24 million during the first half, up 24.8 percent.
The company raked in revenue of P3.71 billion, 29 percent more than the previous year.
Contributing to the growth is MerryMart Wholesale’s super app, which has shown strong growth in sales month-on-month since it launched less than a year ago.
The app already has 170,000 registered users.
Sia said MM Wholesale gives customers live inventory of over 8,000 grocery products.
MerryMart also launched a program to help community retail stores compete with highly capitalized retailers that are entering different communities.
“Majority of our customers are hard-working sari-sari store owners that are struggling to compete against highly capitalized retailers that are entering their neighborhoods. With little capital to upgrade their storefronts, they are losing their market share. As such, MerryMart recently launched the MM Wholesale Ka-Barangay Mini-Mart program that will enable them to transform their sari-sari stores into mini-marts,” Sia said.
The program also includes financial literacy and other business educational courses so that the store owners can enhance their skills to better manage and operate their mini-marts which are expected to significantly increase their overall household income.
Since July this year, the program has partnered with more than 1,000 sari-sari store owners.
MerryMart’s various formats are MerryMart Express, MerryMart Market, MerryMart Grocery, and MerryMart Wholesale.
MerryMart’s subsidiary MM Consumer Technologies Corp. with MBOX Smart Lockers is the first in its consumer technology portfolio that is expected to add and complement to the ecosystem of the MerryMart Group.
MerryMart is eyeing P120 billion in systemwide recurring consumer sales revenue by 2030.