Philippine stocks: Gainers, losers, market-moving news – November 2022

Property developer DoubleDragon saw its core net income rise 120% to P2.2 billion in the first nine months of 2022. It said growth was purely from recurring income.

Meanwhile, core revenues were up 23% to P5.66 billion, as real estate sales doubled.

“DoubleDragon since the past few years has been in the intense mode of putting in brick by brick its business fundamentals and simultaneously solidifying each and every underlying part of the business,” said DoubleDragon chairman Edgar “Injap” Sia II.

“Today, we are glad that the team has formed and calibrated its concept, brand, and business units in four diversified real estate sectors: office leasing with its DD Meridian Park complex and the 42-storey Jollibee Tower, its provincial community mall leasing with its string of CityMalls, its string of industrial warehouse complexes with CentralHubs, and its string of Hotel101 condotels.”

San Miguel Corporation saw a 71% jump in revenues in the first nine months to P1.1 trillion, surpassing pre-pandemic 2019’s total revenues of P1 trillion.

However, its net income fell 62% to P12.9 billion, as unrealized foreign exchange losses due to the peso’s weakness against the dollar offset the performance of its core businesses.

Excluding foreign exchange losses, net income was up 26% to P43.46 billion.

“The continuing increase in demand for our products and services has been very encouraging despite the challenging business environment. This inspires us to continue with our efforts and to remain focused on achieving full recovery,” said San Miguel president and chief executive officer Ramon Ang.

MerryMart Consumer Corporation’s net income in the first nine months of 2022 reached P42.49 million, an 84% increase, boosted by continued growth of its existing stores and consolidation of recent pharmacy chain acquisitions.

Revenues reached P4.55 billion, up by 62%, while EBITDA was up by 57% to P145.65 million.

“We continue to be firm and unwavering in our pursuit to usher the MerryMart Group to become one of the most dominant and highly relevant consumer companies in the Philippines by 2030,” said MerryMart chairman Edgar “Injap” Sia II.

SSI Group posted a record net income of P918 million in the first nine months of 2022, 307% higher than in the same period in 2021.

Year-to-date revenues reached P15.7 billion, 68% more than in the same period last year and 5% more than in pre-pandemic 2019.

“As we move into the Christmas season, the group will continue to execute strategies meant to ensure responsiveness to improving market conditions and to capitalize on strong high end discretionary spending,” said Anthony Huang, SSI Group president.

Max’s Group reported a net income of P427 million for the first three quarters of 2022, 28% higher than pre-pandemic 2019 and five times higher than in the same period in 2021.

Systemwide sales totaled P12.56 billion, 46% more than in the same period a year ago and beating the full-year 2021 sales of P12.5 billion.

“Despite the headwinds, the business revolution we orchestrated throughout the pandemic continues to bear fruit in how our organization runs, how our brands perform, and how our economic model delivers profit. At an organic level, we are particularly proud of how our margins outperform 2019 levels, making it an attractive, reliable choice for our shareholders, our business partners, and our employees,” Max’s Group president Ariel Fermin said.

Shakey’s Pizza Asia Ventures posted a net income of P454 million in the first nine months of 2022, an upswing from the P35-million loss in the same period in 2021.

Bottom line for the third quarter was P250 million, a full reversal from the same period a year ago.

Systemwide sales in January to September nearly doubled to P9.6 billion.