Double Dragon Properties Inc. and MerryMart Consumer Corp., the listed companies of businessman Edgar “Injap” Sia II, booked strong profit growth in 2022 amid the sustained economic recovery.
DoubleDragon said n a stock exchange filing Tuesday net income in 2022 grew by 14.5 percent year-on-year to P12.9 billion, while revenues declined to P14.1 billion from P15.9 billion.
The company is primarily engaged in four business segments including retail leasing, office leasing, industrial leasing and hospitality.
“As we all know, real estate cycles are constant alternating trends of lessees’ market during economic crisis periods and lessors’ market during boom times. Tenant profiles also change over decades. Given the cyclical nature of this, what will preserve the solid value of the shareholders over the long-term is their perpetual ownership of the prime titled land and quality buildings within the complex,” Sia said.
DoubleDragon has been building up its portfolio of prime titled hard assets and has grown its total assets to over P156.8 billion.
Meanwhile, MerryMart, which operates a chain of grocery stores, also booked net income of P321.8 million in 2022, up 846.47 percent year-on-year.
Revenues grew 70.9 percent year-on-year to P6.72 billion, exceeding the P5-billion sales target.
“As previously set, the next very important goal will be to reach P12-billion revenue mark as soon as possible, then from that point onwards, we expect a far higher velocity of revenue growth towards the P120-billion revenue goal that we have set for 2030,” said Sia, who is the chairman of MerryMart.
MerryMart also aims to have a 1,200 branches nationwide by 2030.
MerryMart ventured in pharmacy business with the acquisition of Quezon province-based Carlos SuperDrug and Mindanao-based Cecille’s Pharmacy last year.
