MerryMart, DoubleDragon grow 9-month earnings
MANILA -Firms led by tycoon Edgar “Injap” Sia II sustained earnings growth during the first nine months of 2023, led by the strong performance of supermarket operator MerryMart Consumer Corp.
MerryMart said profits from January to September jumped 19.5 percent to P50.8 million while revenues climbed 27 percent to P5.79 billion versus the same period in 2022, a stock exchange filing on Wednesday showed.
“As we enter the busiest season of the year for the retail industry, we maintain our focus in strengthening the backbone of our business operations as we enhance and further automate our supply chain,” said Sia, who is the chair and CEO of MerryMart, which has 119 stores nationwide.
The company is also boosting its presence through the MerryMart Wholesale app, which has 190,000 users to date. It is maintaining its target to reach a nationwide store count of 1,200 branches and generate total sales of P120 billion by 2030.
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“We look forward to rolling out more distribution centers across the country in the coming months to expand the service areas of MerryMart Wholesale as well as support the continuous opening of our brick and mortar retail stores nationwide,” he added.
Property firm DoubleDragon Corp., a venture with fast-food tycoon Tony Tan Caktiong where Sia is co-chair and CEO, said net income during the nine-month period rose 0.7 percent to P2.47 billion while revenues climbed 3 percent to P6.15 billion.
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DoubleDragon, the developer of the DD Meridian Park Plaza near Manila Bay, said its Philippine asset portfolio was expected to “fully mature” by 2025 and reach a value of P250 billion by 2023.
It is also expanding the Hotel101 condotel chain overseas as it secured properties in three countries: Los Angeles, California in the United States, Madrid, Spain and Niseko, Japan.
DoubleDragon ended the first nine months of 2023 with total assets of P164 billion while total equity stood at P82.10 billion, the filing showed.
