DoubleDragon Corporation Reported P15.93 Billion in Net Income in 2023, Up 23.25%

DoubleDragon Corporation (DoubleDragon) announced that its consolidated net income for the year ended December 31, 2023, increased by 23.25% year-on-year to P15.93 billion. Consolidated revenues for the same period were recorded at P24.74 billion.

As of December 31, 2023, the company's total assets were P181.24 billion, an increase of 15.59% over the previous year. On December 31, 2023, total equity rose 15.88% annually to P94.57 billion. As of December 31, 2023, DoubleDragon's debt-to-equity ratio was a very respectable 0.64x. As of December 31, 2023, the company had P157.08 billion in unutilized debt capacity.

“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 3 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 Pesos. Fast forward today, DD has grown its total assets to P181 Billion pesos, and is set to further strengthen with the upcoming completion of 7 more buildings to add to DD's portfolio this year 2024. And DD’s its balance sheet is also expected to further strengthen significantly once the recently announced listing in NASDAQ of one of DD's Subsidiary, Hotel101 Global, is completed. We believe the Hotel101 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.

The DD team has continuously poured the necessary hardwork, 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, DD 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,” said DoubleDragon Chairman Edgar “Injap” Sia II.