DoubleDragon Corp. is expected to exceed P100 billion in total equity for the first time in 2024.
The company is positioned to become one of the few companies in the Philippines with total equity at 12-digit level. It is also one of the few companies in the Philippines with credit rating PRS Aaa (Triple A) from Philippine Rating Services Corp.
DoubleDragon’s string of titled investment properties strategically planted in prime locations spread out in Luzon, Visayas, Mindanao and Overseas serves as its strong underlying solid foundation.
“DoubleDragon despite being a relatively newer player in a highly competitive industry dominated by long established giants that came way many decades ahead, we are grateful for the grit and hard work of our team and support of all our stakeholders that enabled DoubleDragon to demonstrate that the business landscape of the Philippines is a playing field that allows entrepreneurs to thrive, inspiring more and more entrepreneurs to build more start-ups and push it forward to eventually become large entrenched players over time,” said DoubleDragon chairman Edgar Sia II.
“As an entrepreneur myself who started in the province, I firmly believe that a country that produces a continuous flow of new players that are able to grow and not just a handful of old players is vital for a robust and healthy economy that will contribute towards a First World Philippines,” said Sia.
DoubleDragon organically developed a novel and unique business model and brand in Hotel101 that is highly portable and exportable to multiple continents. The upcoming Hotel101 Global listing in the US to further strengthen DoubleDragon’s balance sheet.
Its consolidated net income grew 23.25 percent year-on-year to P15.93 billion in 2023, with consolidated revenues at P24.74 billion.
Total Assets went up 15.59 percent year-on-year to P181.24 billion, while total equity grew 15.88 percent to P94.57 billion as of Dec. 31, 2023. Its debt-to-equity ratio stood at 0.64x.
DoubleDragon in less than 10 years has completed over 1.3 million square meters of diversified asset portfolio consisting of a chain of provincial community malls in Luzon, Visayas and Mindanao, office buildings in Metro Manila, hotels in the Philippines and overseas and warehouse complexes around the country.
It operates modern community malls in the countryside, as far as Cotabato City, Koronadal City, Dipolog City in Zamboanga Del Norte and Isulan Sultan Kudarat that further stimulates the local economy.
DoubleDragon’s nationwide portfolio of titled hard assets footprint is expected to fully mature by 2025.
It expects its Hotel101 subsidiary being an Asset-light business model to become one of the major homegrown brands and business model export to other countries that would generate a significant US dollar inflow to the Philippines.
Hotel101 is also seen to further elevate the globally renowned Filipino brand of hospitality to each of the country where Hotel101 eventually operates.