Double Dragon Properties on Friday reported a 136-percent increase in net income to P1.47 billion last year from P623 million in 2015.
Double Dragon disclosed to the Philippine Stock Exchange recurring revenue reached P347.6 million, or almost triple from P116.5 million in 2015.
The company expects about 90 percent of revenues in 2020 to come from recurring sources, driven by the rental revenues to be generated by its planned one million square-meter leasable portfolio, and just 10 percent from non-recurring revenues.
Double Dragon said total assets grew 78 percent to P49.5 billion at the end of 2016.
DoubleDragon since its initial public offering three years ago has increased the portfolio of prime commercial properties from only 1.9 hectares to over 75 hectares.