DoubleDragon reports 100% profit growth

Real estate developer DoubleDragon Properties Corp. saw earnings double in the first semester of 2020, making it among the few companies thriving amid the COVID-19 pandemic.

DoubleDragon said net income from January to June this year hit P4.4 billion, up 100.19 percent, as revenue jumped by almost 45 percent to P8.11 billion.

“DoubleDragon is grateful that its portfolio has been tested to be truly resilient during this pandemic,” company chair Edgar “Injap” Sia II said in a statement.

During the period, the builder reported rental income of P1.16 billion, up 4.61 percent, while recurring revenues hit P1.88 billion, up 2.68 percent.

“Most of the tenants of CityMall community centers in the provincial areas are deemed essential and have played a vital role in providing basic necessities and services to each of the communities they serve,” Sia said.

“The company’s office buildings, as with other developers’ office portfolios, have also remained resilient,” he added.

DoubleDragon is a venture between Sia and fast-food tycoon Tony Tan Caktiong.

It is targeting to complete a leasable portfolio of 1.2 million square meters by 2022, spread across its core business segments.

The developer mainly focuses on provincial retail leasing, office leasing, industrial leasing and hotels. —MIGUEL R. CAMUS