DD seen breaching P100-B equity mark
The listed firm announced that it is well on its way to joining the country’s premiere roster of companies with total equity at 12-digit levels.
DoubleDragon Corp., the real estate company led by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, is starting to reap the benefits of its asset-light concept and highly unique business model as it is poised to exceed P100 billion in total equity for the first time this year.
The listed firm announced on Friday that it is well on its way to joining the country’s premiere roster of companies with total equity at 12-digit levels.
DoubleDragon stands apart from most companies in the Philippines, as it has organically developed a highly portable and exportable unique business model and brand, Hotel101.
The upcoming Hotel101 Global listing in the United States is also anticipated to further strengthen DoubleDragon’s balance sheet.
PRS Aaa (Triple A) credit rating
Likewise, DoubleDragon is also one of the few homegrown firms with a credit rating PRS Aaa (Triple A) from the Philippine Rating Services Corporation, the highest rating tier awarded to a company.
“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 the 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,” Sia said.
“As an entrepreneur myself who started in the province, I firmly believe that a country that produces a continuous flow of new players that can grow and not just a handful of old players is vital for a robust and healthy economy that will contribute towards a First World Philippines,” added Injap Sia.
High quality titled investment properties
Strategically situated in prime locations nationwide and overseas, DoubleDragon’s collection of high-quality titled investment properties forms a solid and unwavering foundation for the company.
DoubleDragon recently reported a 23.25 percent growth in net income year-on-year (yoy) to P15.93 billion in the full year 2023, backed by consolidated revenues of P24.74 billion for the same period.
The total assets of the company were up 15.59 percent yoy to P181.24 billion as of the end of 2023.
Meanwhile, its total equity grew 15.88 percent yoy to P94.57 billion last year, while the debt-to-equity ratio stood at a healthy 0.64x.
Within a decade, DoubleDragon has built a diverse asset portfolio of over 1.3 million square meters, including provincial community malls across Luzon, Visayas and Mindanao, office buildings in Metro Manila, hotels in the Philippines and abroad, and warehouse complexes nationwide.
Modern malls in remote areas
DoubleDragon operates modern community malls in remote areas like Cotabato City, Koronadal City, Dipolog City, and Isulan Sultan Kudarat, stimulating local economies and promoting balanced economic growth in rural regions.