DOUBLEDRAGON Corporation reported that its consolidated net income grew +23.25% year-on-year to P15.93 billion for the year ending December 31, 2023, with consolidated revenues at P24.74 billion for the same period.
Total assets of the company were up +15.59% year-on-year to P181.24 billion as of December 31, 2023. Total equity grew +15.88% year-on-year to P94.57 billion. DoubleDragon’s debt-to-equity ratio stood at a very healthy 0.64x while the company’s unutilized debt capacity stood at P157.08 billion as of December 2023.
“Indeed time runs fast, it’s been 10 years since DoubleDragon conducted its relatively small IPO in April 2014 at P2.00 per share. In April 2014, DD had three small development projects and practically zero recurring revenue portfolio at that point in time. Prior to listing, DD had not yet completed -not even a single square meter of recurring revenue asset- and its total assets at that time were less than P2 billion. Fast forward today, DO has grown its total assets to P181 billion, and is set to further strengthen with the upcoming completion of seven more buildings to add to DD’s portfolio this year 2024. And DD’s balance sheet is also expected to further strengthen significantly once the recently announced listing in NASDAQ of one of DD’s subsidiary, Hote1101 Global, is completed. We believe the Hote1101 novel and unique concept and business model that has never been done yet in any other country, and is ready for export to other parts of the world,” said DoubleDragon Chairman Edgar “Injap” Sia II.
Sia said, “The DD team has continuously poured the necessary hard work, careful planning, and grit to passionately execute its set goals. About half of the 10 years since DD listed were years filled with a series of major economic crisis, one global economic crisis after another starting from the pandemic crisis, followed by the couple of war crisis, followed by the global inflation issues, but I always remind our core team that those major crises are opportunities to learn and demonstrate resilience, which is essential experience for any business that aims to thrive over the long term given any extreme terrain or at any extreme economic weather conditions.”
“I also remember that 10 years ago, the DD team set its grand goal from zero to 1 million square meters of recurring revenue GFA portfolio, and to-date, DO has already completed 1.3 million square meters of recurring revenue GFA from a string of provincial community malls, warehouse complexes, office buildings, and hotels. Which we expect to all become mature assets generating optimum levels of revenues and income to DoubleDragon Corporation by 2025,” he added./PN
