Financial Growth

DoubleDragon doubles income to P4.4 billion in H1

DoubleDragon Plaza at DD Meridian Park

MANILA, Philippines — DoubleDragon Properties Corp., the listed property developer of tycoon Edgar “Injap” Sia, reported a consolidated net income of P4.4 billion in the first half, up 100.9 percent year on year.

This as the company registered a 44.95 percent growth in consolidated revenues to P8.11 billion.

Sia said that as the coronavirus disease 2019 or COVID-19 quarantine measures are prolonged, consumer behavior is also altered, and most likely to stay.

“DoubleDragon is grateful that its portfolio has been tested to be truly resilient during this pandemic. Most of the tenants of CityMall community centers in the provincial areas are deemed essential and have played a vital role in providing basic necessities and services to each of the communities they serve,” Sia said.

He said DoubleDragon’s hotel business through Hotel 101 likewise maintained high occupancy rates as it provided accommodation to employees of BPO companies.

“The company’s office buildings, as with other developers’ office portfolios, have also remained resilient. The relevance of the business model of DoubleDragon’s CentralHub industrial warehouse complexes became more pronounced as the impairment of mobility made consumer companies realize the importance of having warehousing facilities in various parts of the country in order to maintain efficient logistics,” Sia said.

Excluding unrealized fair value gains for both periods, core revenues remained stable while core net income more than quadrupled to P578.29 million.

The company recently boosted its war chest with the successful issuance of $75 million five-year dollar bonds.

The fresh funds from the offering brings its total consolidated cash balance to almost P8 billion, well above its operational requirements for the coming years.

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