DoubleDragon earnings up 23% to P15.9B in 2023

MANILA, Philippines — DoubleDragon Corp. of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong booked a 23.25-percent rise in earnings in 2023 to P15.93 billion on its growing asset portfolio.

In a stock exchange filing on Tuesday, DoubleDragon said consolidated revenue also ballooned by 75 percent to P24.74 billion from P14.13 billion in 2022.

Total assets, meanwhile, climbed by 15.59 percent to P181.24 billion.

“The [DoubleDragon] team has continuously poured the necessary hard work, careful planning, and grit to passionately execute its set goals,” Sia said in a statement.

With the listing of its subsidiary, Hotel101 Global Pte. Ltd. on the US Nasdaq, Sia said their balance sheet was expected to further “strengthen significantly.”

READ: First in PH: Hotel 101 gets ticket to Nasdaq

The Singapore-based unit of the homegrown condotel chain got its ticket to Nasdaq after merging with JVSPAC Acquisition Corp., unlocking $2.3 billion in valuation for Hotel101 Global.

The deal was also seen to help fund Hotel101’s aggressive expansion plans, as it seeks to have 1 million rooms across more than 100 countries.

Hotel101 recently broke ground for its second international branch in Madrid, Spain, with 680 rooms. The 482-room Hotel101-Niseko in Japan is currently under construction, while the company’s first branch in the United States is set to be developed in Los Angeles, California.

READ: DoubleDragon breaks ground for Hotel101 in Madrid

On DoubleDragon’s 10th listing anniversary this year, it aims to complete seven buildings to beef up its portfolio, according to Sia.

To date, the company has 1.3 million square meters of recurring revenue from provincial community malls, warehouse complexes, office buildings, and hotels.

Sia said they expected these to become “mature assets generating optimum levels of revenues and income to DoubleDragon by 2025.”