DoubleDragon profit jumps to P16B in 2023

PROPERTY developer DoubleDragon Corp. said Tuesday that its net income expanded by 23.3 percent to P15.9 billion in 2023, from P12.9 billion a year earlier, on the back of robust growth in revenues.

Consolidated revenues ballooned by 75 percent to P24.7 billion from the P14.1 billion generated in 2022, DoubleDragon said in a stock exchange filing.

“DoubleDragon has grown its total assets to P181 billion, and is set to further strengthen with the upcoming completion of seven more buildings to add to [its] portfolio this year,” Chairman Edgar “Injap” Sia II said.

The company was said to have already completed 1.3 million square meters of recurring revenue portfolio from a “string of provincial community malls, warehouse complexes, office buildings and hotels.”

“[W]e expect all to become mature assets generating optimum levels of revenues and income to DoubleDragon Corporation by 2025,” he continued.

The property developer’s balance sheet is also “expected to further strengthen significantly” once the recently announced listing on Nasdaq of subsidiary Hotel101 Global is completed.

“We believe the Hotel101 novel and unique concept, and business model that has never been done yet in any other country, and is ready for export to other parts of the world,” Sia added.

Hotel101 earlier signed a binding definitive merger agreement with New York-listed JVSPAC Acquisition Corp., and the combined entity will be listed on Nasdaq under the ticker symbol “HBNB.”

Following the consolidation, Hotel101 will have an equity value of $2.3 billion (approximately P130 billion). The transaction is expected to be closed sometime in the second half of 2024, subject to regulatory and shareholder approval as well as other closing conditions.

Shares in DoubleDragon declined by 26 centavos, or 3.19 percent, to P7.90 each on Tuesday.