DoubleDragon Reports Steady Net Income Amid Revenue Growth and Rising Costs in First Nine Months

DoubleDragon Corporation, led by chairmen Edgar "Injap" Sia II and Tony Tan Caktiong, posted a marginal increase in net income for the first nine months of the year despite significant revenue growth. The property developer reported a net income of P2.55 billion from January to September, reflecting a 0.7% rise from the P2.53 billion recorded in the same period last year.

Consolidated revenues surged 63% year-on-year to P10.46 billion. This growth was driven by a 4.1% increase in rental revenues to P3.11 billion, attributed to higher occupancy and new tenants. Real estate sales experienced an impressive 161.2% rise, reaching P2.19 billion, largely bolstered by additional contributions from Hotel101 and residential projects. Furthermore, hotel revenues advanced 6.2% to P646.3 million, supported by improved occupancy rates across hotel properties.

However, DoubleDragon’s total costs and expenses nearly doubled to P7.21 billion from P3.69 billion last year. The increase was due to higher operational expenses in real estate and hotel sectors, as well as greater administrative, interest, and marketing costs.

The company currently boasts a completed recurring revenue asset portfolio spanning 1.5 million gross floor area across prime locations in Luzon, Visayas, and Mindanao. It has also expanded its presence internationally through its subsidiary, Hotel101 Global.

Notably, Hotel101 Global marked a milestone by becoming the first Filipino-owned company to be listed on the US NASDAQ Stock Exchange in July, carrying a market capitalization of $1.58 billion as of November 11. The subsidiary is progressing on its inaugural overseas project in Madrid, Spain, and aims to develop one million Hotel101 rooms across more than 100 countries worldwide.

In addition, DoubleDragon is advancing the growth of CentralHub’s industrial warehouse portfolio, targeting a P24.8 billion warehouse leasing portfolio and the launch of the Philippines’ first industrial REIT. CentralHub is a joint venture between DoubleDragon and Jollibee Foods Corporation, one of Asia’s leading food conglomerates.