DoubleDragon’s core profit ballooned to P3.91 billion
MANILA, Philippines — DoubleDragon Corp.’s core net income ballooned by 253.59 percent to P3.91 billion in the first nine months of 2026 as core revenues more than doubled amid its expanding overseas hotel business.
On Friday, the company founded by tycoons Tony Tan Caktiong and Edgar Sia II said core revenues surged by 143.65 percent to P20.78 billion.
READ: DoubleDragon grew H1 core profit by 162%
These accounted for all consolidated revenues during the period, with no contribution from revaluation gains.
Almost double
Consolidated revenues increased by 98.76 percent from a year earlier.
For the third quarter alone, net income reached P1.13 billion, more than six times the P183.67 million recorded in the same period last year.
Foreign currency revenues accounted for 59.03 percent of quarterly core revenues, marking the first time these contributed the majority, according to DoubleDragon.
The company highlighted the opening of subsidiary Hotel101 Global’s 680-room property in Madrid, Spain, where all units have been sold.
Hotel101’s business model generates revenue from unit sales and recurring revenue from hotel operations.
Its long-term goal is to develop one million standardized rooms across more than 100 countries.
DoubleDragon expects further revenue growth from its leasing portfolio, new malls and warehouses, additional office tenants and new MerryMart supermarkets.
READ: DoubleDragon secures 99% of MerryMart shares
The firm also expects Hotel101 unit sales in the Philippines and overseas to contribute.
Capital initiatives
Total assets stood at P256.82 billion as of September, up by P31.56 billion from P225.26 billion at the end of 2025. Total equity increased by P5.41 billion to P107.02 billion.
The group said it continued to pursue capital initiatives to strengthen its balance sheet.
Hotel101 Global’s Nasdaq listing also provides access to US capital markets for planned equity and capital raises.
READ: Hotel101 debuts in Africa with P6.44-B Egypt hotel project
“Gone are the days when Philippine companies bring in foreign brands and concepts to the Philippines or copying what works abroad to the Philippine market, but rather developing a truly unique and differentiated branded business models in the Philippines and then export it to the rest of the world would have a far larger and lasting positive impact to the Philippine economy,” the company said.
Given its current performance, DoubleDragon said it expected to reach its P500-billion total core revenue goal ahead of its 2035 target. INQ
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