DoubleDragon profit nearly flat at P2.47 billion

Iris Gonzales - The Philippine Star
DoubleDragon profit nearly flat at P2.47 billion
Edgar “Injap” Sia II founded Mang Inasal when he was 26 years old. He later sold it to Jollibee Foods Corp., making him the country’s youngest dollar billionaire.
Ernie Peñaredondo / STAR

MANILA, Philippines — Edgar “Injap” Sia II’s investment holding firm DoubleDragon Corp. registered a net profit of P2.47 billion in the nine months to September, nearly unchanged from last year, as revenue went up by just three percent to P6.15 billion.

DoubleDragon aims to see its portfolio fully mature and reach its optimal revenue generation level by 2025.

It has also set a target for its offshore Hotel101 Global chain to gain significant market grip overseas by 2025.

“Given that the world economy is getting more and more fragile and volatile, we deemed it imperative that the only way to future-proof itself is to passionately pursue the target of DoubleDragon’s revenues to be derived from geographically diversified sources that eventually over the long term, we aim that no single country will contribute over 10 percent of DoubleDragon’s revenue and income,” Sia said.

DoubleDragon’s nationwide Philippine portfolio of titled hard assets strategically located in Luzon, Visayas and Mindanao is expected to fully mature by 2025 and exceed over P250 billion in value by 2030.

Another Sia-led company, MerryMart Consumer Corp., meanwhile, reported a net income of P50.76 million in the nine-month period, up 19.5 percent on the back of a 27 percent hike in revenue to P5.79 billion.

MerryMart is continuously expanding its brick-and-mortar stores, as well as focusing on further enhancements in MerryMart Wholesale’s super app, which is seeing an exponential growth in registered users to over 190,000, with over 14,000 grocery products to choose from.

“As we enter the busiest season of the year for the retail industry, we maintain our focus in strengthening the backbone of our business operations as we enhance and further automate our supply chain. We look forward to rolling out more distribution centers across the country in the coming months to expand the service areas of MerryMart Wholesale, as well as support the continuous opening of our brick and mortar retail stores nationwide,” Sia said.

The MerryMart Group’s portfolio includes different retail formats namely MerryMart Express, MerryMart Market, MerryMart Grocery and MerryMart Wholesale.

The grocery chain aims to have a total of 1,200 branches nationwide and generate P120 billion in system-wide recurring consumer sales revenues.

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