DoubleDragon net income rises to P7.42 billion in 2018

MANILA, Philippines – DoubleDragon Properties Corporation saw its net income jump by 193.57% to P7.42 billion in 2018, as the value of its prime properties further rose.

In a disclosure on Monday, April 15, the company pointed to the increase of land values in 2017 which allowed it to “benefit both from the appreciation as well as gain strong foothold position with its portfolio of prime hard assets.”

DoubleDragon’s recurring revenues also grew to P3.03 billion in 2018 from P1.31 billion in 2017 due to higher rental revenues which ended the year with P2.50 billion.

Hotel revenues also increased by 34.24% to P533.62 million. The company credited this to higher occupancy and room rates.

DoubleDragon chief investment officer Hannah Yulo said in the disclosure that they also expect cashflow from operating income to grow further this year.

“These are the key accomplishments DoubleDragon is focused on as its trajectory continues in line with its goal of becoming a recurring-revenue focused company,” she added.

The company already completed its 603,000 square meters (sqm) of leasable space, which is expected to annually generate P5.4 billion in rental income.

Preselling inventories for DoubleDragon’s Hotel101 line also reached P14.53 billion, while some P6.9 billion is expected to be generated upon the turnover from The Skysuits Tower.

For this year, the company said it will continue to seek new revenue streams such as leasing roof space for solar panels, advertising, and common telecommunication towers.

Its CityMall community malls and CentralHub warehouses are expected to house a total of 100 megawatts of solar space by the end of 2020. This is also expected to generate P100 million in annual rental income.

By 2020, DoubleDragon is expecting to reach 1.2 million sqm in leasable portfolio, where 700,000 sqm would be coming from CityMalls. Some 300,000 sqm is expected to come from Metro Manila offices. 

The company’s hotel portfolio and industrial space portfolio are also expected to contribute 100,000 sqm each.

DoubleDragon currently has 77 completed and under development projects: 51 malls, 10 office buildings, 8 hotels, and 8 warehouse buildings. – Rappler.com