LISTED DoubleDragon Corp. posted an 87.2% increase in its consolidated net income for 2021 to P11.3 billion on the back of higher consolidated revenues.
The company said in a stock exchange disclosure on Thursday that its consolidated revenues last year surged 11.7% to P15.9 billion while its consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) went up 13.9% to P12.9 billion.
Further, DoubleDragon said its total assets increased 17.2% to P141.7 billion while its total equity grew 41.3% to P69.3 billion.
Edgar J. Sia II, DoubleDragon chairman, said the company ended 2021 by surpassing its goal for this year of 1.2 million square meters of gross floor area (GFA) of completed recurring income portfolio.
“We are pleased to have ended 2021, with DoubleDragon surpassing its 2022 goal of 1.2 million square meters GFA of completed recurring income portfolio,” Mr. Sia said.
“We see these 1.2 million completed square meters to like having 1.2 million of real estate seeds planted in prime strategic areas spread out across the country. These 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 cashflow to DoubleDragon,” he added.
Meanwhile, DoubleDragon Chief Investment Officer Hannah Yulo-Luccini said that the company is at a stronger position after surviving the pandemic.
“DoubleDragon has a low net debt to equity ratio of 0.62x, consolidated cash balance at P11.27 billion and will have no key long-term debt maturities until 2024. On top of that, in the last few years, we have seen the NAV (net asset value) of DoubleDragon further solidifying, its book value alone is already at P13.09 per common shareholder with total equity now standing at P69.3 billion,” she said.
As of Dec. 31, 2021, total equity was at P69.3 billion, up 41.3% from the earlier year, as a result of the DDMP REIT, Inc. listing and new equity infusion of the Jollibee group into DoubleDragon’s industrial leasing subsidiary CentralHub, the company said.
On Thursday, DoubleDragon shares at the local bourse dropped P0.17 or 2.18% to end at P7.63 apiece. — Revin Mikhael D. Ochave
