Home Corporate DoubleDragon says net income soars 23.3% to P15.93 billion

DoubleDragon says net income soars 23.3% to P15.93 billion

SIA and Caktiong-led property developer DoubleDragon Corp. (DD) saw a 23.3% increase in its 2023 net income to P15.93 billion, attributed to higher revenue.

The company’s revenue improved by 75% to P24.74 billion in 2023 from P14.13 billion in 2022, DD said in a regulatory filing on Tuesday.

As of end-December, DD’s total assets increased by 15.6% to P181.24 billion, while total equity rose by 15.9% to P94.57 billion.

DD Chairman Edgar “Injap” J. Sia II said the company’s assets are set to increase with the upcoming completion of seven additional buildings that will be added to its portfolio this year.

He added that the company’s balance sheet will also improve once DD’s hotel unit, Hotel101 Global Pte. Ltd., completes its listing on the Nasdaq Stock Exchange.

 “We believe the Hotel101 novel and unique concept and business model that has never been done yet in any other country, and is ready for export to other parts of the world,” Mr. Sia said.

Hotel101 is set to list on Nasdaq with a valuation of over $2.3 billion (P130 billion) from a merger deal with special purpose acquisition company JVSPAC Acquisition Corp. in the United States.

The listing is expected to be done in the third quarter. Hotel101 will be listed with the ticker “HBNB.”

According to Mr. Sia, DD already completed 1.3 million square meters of recurring revenue from a string of provincial community malls, warehouse complexes, office buildings, and hotels.

“We expect to all become mature assets generating optimum levels of revenues and income to DD by 2025,” Mr. Sia said.

Hotel101 is targeting to have one million rooms across more than 100 countries.

It aims to have presence in 25 countries by 2026. These include Philippines, Japan, Spain, United States, United Kingdom, the United Arab Emirates, India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and Saudi Arabia.

Hotel101 recently started the development of a 680-room hotel in Madrid, Spain. It is also building a 482-room hotel in Hokkaido, Japan.

The company also previously secured a 3,647-square meter commercial lot in Los Angeles, California, for its first hotel in the US.

DD shares retreated by 3.19% or 26 centavos to P7.90 apiece on Tuesday. — Revin Mikhael D. Ochave

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