DoubleDragon 2021 profit up 87.2% as portfolio grew

DoubleDragon Corp., the listed property venture of tycoons Tony Tan Caktiong and Edgar “Injap” Sia II, saw 2021 profits jump 87.2 percent to P11.3 billion while its leasing profile grew.

In a statement on Thursday, the builder said it ended the year with consolidated revenues of P15.9 billion, up 11.7 percent.

This also came as DoubleDragon upsized its recurring income portfolio to 1.2 million square meters of gross floor area in 2021.

“The whole cycle coming from zero leasable space, when DoubleDragon listed in the Philippine Stock Exchange last April 2014, to over 120 hectares of fully constructed recurring income portfolio today was not a walk in the park, and we are grateful for the support of all our stakeholders in the past 7.5 years that enabled our team to make that happen,” Sia, the company’s chair, said in the statement.

“We see these 1.2 million completed sq. m to like having 1.2 million of real estate seeds planted in prime strategic areas spread out across the country,” he added.

Industrial state subsidiary

DoubleDragon increased equity by 41.3 percent to P69.3 billion after the listing of its real estate investment trust arm, DDMP REIT, and the equity infusion of Tan’s Jollibee Foods Corp. into industrial estate subsidiary, CentralHub Industrial Centers.

Total assets by end-December also jumped 17.2 percent to P141.7 billion.

“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 sizable recurring revenue cashflow to DoubleDragon,” Sia said.

DoubleDragon chief investment officer Hannah Yulo-Luccini, citing the company’s strong balance sheet, said the company exited the pandemic in a “stronger position than ever before.”

DoubleDragon also closed the year with an “unutilized debt capacity” of P110.4 billion, the statement showed.