DoubleDragon profit jumps 87% to P11.3 billion

MANILA, Philippines — DoubleDragon Corp., the flagship holding firm of tycoon Edgar “Injap” Sia II, reported a consolidated net income of P11.3 billion last year, up by 87.2 percent.

The company raked in consolidated revenues of P15.9 billion, 11.7 percent higher than the year ago.

Sia, DoubleDragon’s chairman, said the company has already surpassed its 2022 target of 1.2 million square meters gross floor area of completed recurring income portfolio.

“We see these 1.2 million completed square meters as having 1.2 million of real estate seeds planted in prime strategic areas spread out across the country. These strings of prime hard assets should mature and generate recurring revenues at different times, but we expect all of them to reach optimal recurring revenue generation before 2025, and to endlessly contribute sizable recurring revenue cash flow to DoubleDragon,” he said.

The company’s total assets were up by 17.2 percent to P141.7 billion as of end-December while its total equity grew by 41.3 percent to P69.3 billion as a result of the DDMP REIT listing and new equity infusion of the Jollibee Group into DoubleDragon’s industrial leasing subsidiary CentralHub.

DoubleDragon was originally 100 percent-owned by Injap Investments Inc. (IJI), a holding company owned by the Sia family. In 2012, it became a joint venture between IJI and Honeystar Holdings Corp., the holding company of the Tan and Ang families.

At present, the company has four principal business segments, namely retail leasing, office leasing, industrial leasing and hotels.

DoubleDragon chief investment officer Hannah Yulo-Luccini said the company emerged from the pandemic stronger than before.

“Surviving a global pandemic is one thing, but DoubleDragon is emerging from it at a stronger position than ever before. DoubleDragon has a low net debt to equity ratio of 0.62 times, consolidated cash balance at P11.27 billion and will have no key long-term debt maturities until 2024. On top of that, in the last few years, we have seen the net asset value of DoubleDragon further solidifying, its book value alone is already at P13.09 per common shareholder with total equity now standing at P69.3 billion,” she said.

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The article was originally published in PhilStar Global and written by Iris Gonzales.