DoubleDragon to breach P100 billion total equity for the first time in 2024

MANILA, Philippines — Sia-Caktiong-led real-estate development firm DoubleDragon Corp. is poised to exceed P100 billion in total equity for the first time this year.

In a disclosure on Friday, the firm said that it is one of the companies in the country which is positioned to bag a total equity at a 12-digit level. 

“DoubleDragon despite being a relatively newer player in a highly competitive industry dominated by long established giants that came way many decades ahead, we are grateful for the grit and hard work of our team and support of all our stakeholders that enabled DoubleDragon to demonstrate that the business landscape of the Philippines is a playing field that allows entrepreneurs to thrive, inspiring more and more entrepreneurs to build more start-ups and push it forward to eventually become large entrenched players over time,” DoubleDragon chairman Edgar Sia II said in a statement.

DoubleDragon’s consolidated net income growth of +23.25% year-on-year to P15.93 billion for the year ending Dec. 31, 2023, with consolidated revenues reaching P24.74 billion during the same period.

As of December 31 last year, the company's total assets increased by +15.59% year-on-year to P181.24 billion, while total equity grew by +15.88% to P94.57 billion.

The corporation said that the upcoming listing of Hotel101 Global in the US is expected to further fortify DoubleDragon's balance sheet and support its growth trajectory.

DoubleDragon also mentioned that it is one of the few firms in the country with a PRS Aaa (Triple-A) credit rating from the Philippine Rating Services Corporation.

PRS Aaa-rated obligations represent the highest quality, characterized by very low credit risk. It means that the issuer's ability to fulfill its financial obligations is exceptionally robust.

DoubleDragon Corp.’s principal shareholders include Injap Investments Inc., led by Siaand Honeystar Holdings Corp., led by Jollibee Founder Tony Tan Caktiong. — Ian Laqui