MerryMart, DoubleDragon posted higher earnings in 2022

MANILA  -Retail and property companies led by tycoon Edgar “Injap” Sia II saw a boost in business amid dissipating pandemic woes, pushing up profits in 2022.

Grocery store operator Merry Mart Consumer Corp. said net income last year surge 846.5 percent to nearly P322 million, a stock exchange filing on Tuesday showed.

At the same time, DoubleDragon Corp.—Sia’s venture with fast food billionaire Tony Tan Caktiong, saw full-year net income jump 14.5 percent to P12.92 billion, another filing showed.

MerryMart, which operates various store formats, said revenues last year reached P6.72 billion, up nearly 71 percent.

Sia said this was above their initial revenue target of P5 billion for the year.

“[T]he next very important goal will be to reach the P12-billion revenue mark as soon as possible, then from that point onwards, we expect a far higher velocity of revenue growth toward the P120-billion revenue goal that we have set for 2030,” said Sia, who is company chair and CEO.

MerryMart chief finance officer Hannah Yulo-Luccini said growth was also driven by their e-commerce and logistics strategy.

“The prototype MerryMart central distribution center in Tarlac will soon be replicated in all 82 provinces in the Philippines with the aim of covering 99 percent of the Philippine consumer market,” she said.

“We are continuously improving the platform and will soon be launching various programs for the benefit of our loyal customers which are expected to further strengthen our position in the market,” she added.

DoubleDragon said in a separate filing that full-year revenues reached P14.13 billion, lower than the P15.9 billion booked the previous year.

The company, which is taking homegrown Hotel101 global via an aggressive expansion strategy, closed the period with assets of P156.8 billion, up 10.7 percent.

Total equity also rose 17.74 percent to P81.6 billion.

“If one takes a step back, DoubleDragon is indeed one of the very few companies in the Philippines that has developed and prototyped a unique hotel business model that is portable to plant and grow in over 100 countries globally,” said Sia, who is also chair and CEO of DoubleDragon.

“Over the years, DoubleDragon has been diligently building up its portfolio of prime titled hard assets and has grown its total assets to over $2.8 Billion, becoming [among] the top ten largest property companies in the Philippines,” Yulo-Luccini, who is also DoubleDragon chief investment officer, said in the filing.

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