DOUBLEDRAGON NEARS P 16-B PROFIT MARK
DoubleDragon Corp. of tycoons Edgar Sia II and Tony Tan Caktiong booked a 23.25-percent rise in earnings last year to P15.93 billion on its growing asset portfolio, with the property firm eyeing more projects on its 10th year of being a publicly listed company.
In a stock exchange filing on Tuesday, DoubleDragon said consolidated revenues had also ballooned by 75 percent to P24.74 billion from the previous year.
Total assets, meanwhile, climbed by 15.59 percent to P181.24 billion.
“The [DoubleDragon] team has continuously poured the necessary hard work, careful planning and grit to passionately execute its set goals,” Sia said in a statement.
With the listing of subsidiary Hotel101 Global Pte. Ltd. on the US Nasdaq, Sia said the balance sheet of the company would further “strengthen significantly.”
The Singapore-based unit of the homegrown condotel chain got its ticket to Nasdaq after merging with JVSPAC Acquisition Corp., unlocking $2.3 billion in valuation for Hotel101 Global. The deal is also seen to help fund Hotel101’s aggressive expansion plans, as it seeks to have 1 million rooms across more than 100 countries.
Hotel101 recently broke ground for its second international branch in Madrid, Spain, with 680 rooms. The 482-room Hotel101-Niseko in Japan is currently under construction, while the first branch in the United States is set to be developed in Los Angeles, California.
This year, DoubleDragon aims to complete seven buildings to beef up its portfolio.
The company so far has 1.3 million square meters of recurring revenues from provincial community malls, warehouse complexes, office buildings and hotels.
Sia noted that these would become “mature assets generating optimum levels of revenues and income to DoubleDragon by 2025.”