DoubleDragon profit nearly triples in H1

MANILA, Philippines - DoubleDragon Properties Corp. reported a consolidated net income of P376.4 million in the first half of the year, up 161 percent year on year.

In the second quarter alone, DoubleDragon’s net income increased by 110 percent to P210.7 million.

The company registered P1.6 billion in revenues during the first semester, 13.1 percent higher than the previous year.

For 2020, DoubleDragon has revised upward its net income target  from P4.8 billion to P5.5 billion.  It is gearing up for a follow on equity offering which is expected to enhance trading liquidity and further strengthen its balance sheet with higher equity levels.

 “We have always believed in the power of careful planning coupled with sheer focus and passionate execution which we put into action in building DoubleDragon. The DoubleDragon team will continue to develop and nurture its four pillars of growth, which comprise of retail leasing, office leasing, industrial leasing and the hospitality business. The company is focused in areas of the real estate industry where it can achieve a lasting dominant position,” said Edgar “Injap” Sia II, chairman and CEO of DoubleDragon Properties.

DoubleDragon recently completed a P9.7 billion offering of seven-year fixed rate retail bonds, which will complete its total capex requirements for all 100 CityMalls, DD Meridian Park and Jollibee Tower.

The company has increased its 2020 leasable portfolio target to 1.2 million square meters from one million previously. This comprises 700,000 sqm from 100 CityMalls, 300,000 sqm from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 sqm from the planned 5,000 hotel rooms of Hotel101 and JinJiang Inn Philippines,  and another 100,000 sqm from the company’s latest venture into industrial leasing, CentralHub Industrial Centers Inc.

At present, DoubleDragon has 20 operational malls including 18 CityMalls all of which are above 95 percent leased out on average.

Another 12 CityMalls are expected to open before the end of the year together with DoubleDragon Plaza that consists of a retail strip and four office towers.

DoubleDragon Plaza will add about 136,000 sqm of operational leasable space to the company’s portfolio by the end of the year.   It is only the first of four phases that will comprise the company’s flagship project DD Meridian Park in the Bay Area.

Once fully completed, DD Meridian Park will deliver about 280,000 square meters of leasable space by 2020.