DoubleDragon Properties Corp. reports Core Net Income figures in the first nine months of 2021 grew +250.86% to Php 4.18 Billion vs the same period last year, with total Consolidated Revenues of Php 4.41 Billion. Hotel Revenues likewise increased +14.49% to P420.70 Million in the first nine months of 2021 vs. the same period last year while real estate sales increased +124.29% to P718.64 Million in the first nine months vs. the same period last year.
Total Assets of the Company rose 6.82% in the first nine months of 2021 to Php 129.15 Billion compared to Php 120.91 Billion as of the the end of 2020. Total Equity jumped significantly by 31.35% to Php 64.44 Billion in the first nine months of 2021 as compared to Php 49.06 Billion as of the end of last year as a result of the DDMP REIT listing and new equity infusion of the Jollibee Group into DoubleDragon’s industrial leasing subsidiary CentralHub. DoubleDragon further improves net Debt-to-Equity ratio of 0.55x as of September 30, 2021. The Company’s unutilized Debt Capacity now stands at Php 107.53 Billion.
CityMall community centers have played a vital role in the communities it serves as it provides the basic essentials. Even during the lockdowns, CityMalls remained open as most of its tenants are focused in the basic needs category. The CityMall community centers in various provincial areas in Luzon, Visayas and Mindanao have been hosting vaccination activities to help keep the community safer.
DoubleDragon’s 6-storey commercial building, Dragon8 Shopping Center at the heart of Divisoria Manila, has seen significant increase in foot traffic after Metro Manila was downgraded to alert level 2. The foot traffic in Dragon8 Shopping Center is expected to further increase several folds once the new Malolos-Tutuban North-South Commuter Railway train station is completed and expected to bring in over 300,000 daily commuters. This new train station terminal is located right accross Dragon8 Shopping Center in Divisoria.
Hotel 101 has remained stable with occupancy at 94.74% as of September 30, 2021. Pre- selling of Hotel 101 – Davao and Hotel 101 – Cebu Mactan Airport is ongoing, and next in line to start pre-selling activities will be Hotel 101 – Boracay and Hotel 101 – Libis.
DDMP REIT INC. today has just declared Php 499.17 million in cash dividends, its fourth cash dividend distribution since it listed last March 2021. DoubleDragon Tower, the seventh office building in DD Meridian Park and the first Grade A office building in the complex is nearing completion. The recently completed Jollibee Tower continues its leasing activities. While DoubleDragon continues to expand its office leasing portfolio with DD Meridian Tower located beside Hotel 101 – Manila and the equity joint venture office project under Robinsons DoubleDragon Corp. in Bridgetowne Libis.
CentralHub Industrial Centers Inc. (“CentralHub”) continues to ramp up construction of its industrial warehouse portfolio after it completes its equity joint venture with Jollibee Foods Corp. CentralHub is building out its Php 24.8 Billion industrial leasing portfolio as it prepares for Philippine’s first Industrial REIT IPO in 2022.
“The whole team of DoubleDragon and MerryMart will remain determined to nurture and grow all its business units in preparing to be a major beneficiary in the next cycle of economic recovery that should follow post the Covid19 global pandemic era,” said DoubleDragon Chairman Edgar “Injap” Sia II.
“Just in the last nine months, DoubleDragon’s total equity has grown Php 15.38 Billion +31.35% to Php 64.44 Billion almost a third larger than where it was as of the end of last year. DDMP REIT INC. is just the first of DoubleDragon’s pillars to unlock its true value. DoubleDragons warehouses, community malls and hotels will soon follow suit as DoubleDragon positions itself in the forefront of the post-pandemic recovery of the economy,” said DoubleDragon Chief Investment Officer Hannah Yulo-Luccini.
