DoubleDragon 2021 net income up 87.2%

DoubleDragon Corp. saw an 87.2% increase in its bottom line for the past year, as consolidated revenues jumped by over 11%.

The conglomerate in a regulatory filing said its consolidated net income climbed to P11.3 billion while revenues grew to P15.9 billion.

Their assets increased by 17.2% to P141.7 billion, while their equity increased by 41.3% to P69.3 billion, owing to the DDMP REIT listing and the Jollibee Group's investment in its industrial leasing subsidiary CentralHub.

DoubleDragon recorded over 1.2 million square meters of gross floor area of completed recurring income portfolio during the year, surpassing the firm’s target.

“This string of prime hard assets should mature and generate recurring revenues at different times, but we expect all of them to reach optimal recurring revenue generation before 2025, and to endlessly contribute sizeable recurring revenue cash flow to DoubleDragon,” company chairman Edgar “Injap” Sia said.

DoubleDragon’s principal business segments include retail leasing, office leasing, industrial leasing, and hotels.

Its subsidiaries include CityMall Commercial Centers Inc., CentralHub Industrial Centers Inc., DDMP REIT Inc., and Hotel of Asia Inc.

“Surviving a global pandemic is one thing, but DoubleDragon is emerging from it a stronger position than ever before,” Sia said.

Shares in DoubleDragon closed Thursday at P7.63 apiece, down 17 centavos or 2.18% from Wednesday’s close of P7.80. —VBL, GMA News