Double Dragon profit jumps 126%
DoubleDragon Properties Corp. grew its net profit last year by 126 percent to P1.47 billion as recurring revenues nearly tripled.
This allowed the company to beat the P1-billion net profit forecast for 2016 which was set three years ago when it debuted on the Philippine Stock Exchange.
Total revenue last year rose by 92 percent to P3.71 billion. Of these, recurring revenue hit P347.6 million up from P116.5 million in the previous year.
DoubleDragon said that by 2020, about 90 percent of its revenue would come from recurring sources driven by rental revenue to be generated by its planned one-million square meter leasable portfolio.
“Last year was our biggest year in terms of fund-raising having successfully placed our first convertible preferred share offering and first retail bond, this has been essential in boosting the completion of our projects. In fact, due to strong tenant take-up at DD Meridian Park in the Bay Area, we are looking to have the first few towers of DoubleDragon Plaza operational within the last quarter of this year when we had originally expected this to be operational on 2018 yet,” said Hannah Yulo, chief investment officer of DoubleDragon.
“We are looking forward to our planned retail bond offering this year which is the last fundraiser we need to complete our one million sqms of leasable space by 2020,” she said. —DORIS DUMLAO-ABADILLA