Double Dragon profit jumps 84% as of Sept

Double Dragon Properties Corp. said profit jumped in the nine months through September as revenues doubled.

Double Dragon said in a stock exchange filing on Thursday that net income hit P1.4 billion, up 83.7 percent compared to the same period in 2016.

Total revenues amounted to P4.08 billion, compared to P1.99 billion in the same period last year.

The builder, started by Jollibee Foods Corp. founder Tony Tan Caktiong and Mang Inasal founder Edgar “Injap” Sia II , said it was on track toward hitting its target of 100 CityMalls across the country.

Sia, who serves as Double Dragon’s chair, said its expansion comes amid challenges for the brick and mortar retail industry, given the looming threat of e-commerce.

“We expect the inflection point of these transitions to be felt within the next three years, just in time for the completion of our goal of having a strong network of 100 CityMalls in the provincial areas of the Philippines,” said Sia.

But he argued that Double Dragon would “remain relevant beyond the age of digitalization”.

He said this was because its CityMalls focused on “only basic necessities, and generally, the supermarket, cinema, services and food tenants.”

The builder opened its 25th CityMall last Nov. 8 in Koronadal City, South Cotabato.

In the same filing, Double Dragon said its rental income during the nine-month period rose 194 percent to P448 million.

Meanwhile, newly formed subsidiary, CentralHub, is also poised to grow. Its first site is CentralHub Tarlac.

“We foresee CentralHubs will play a major role as the consumer market of our country continues to grow significantly and spread out into the countryside,” said Double Dragon chief information officer Hannah Yulo.

CentralHub offers modern industrial warehouses that are designed for lease as a warehouse, commissary, cold storage, light manufacturing facility or a logistics distribution center.

The builder added that construction was ongoing for Hotel101 Fort, which is slated for completion by 2020.

Its two Metro Manila office projects, Jollibee Tower and DD Meridian Park are also underway.

Double Dragon Plaza, the first phase of DD Meridian Park, is expected to be completed by December this year, ahead of schedule, while Jollibee Tower is expected to be completed as scheduled by Dec. 2018. —MIGUEL R. CAMUS