DOUBLE DRAGON NETS P10.65B, UP 435%
Double Dragon Properties Corp earned P10.65 billion in 2019, up 43.53% from its year-ago level of P7.42 billion, as its pivot to increasing recurring income took hold.
The company’s rental income hit P3.95 billion, a 30.13% increase from its 2018 earnings of P3.03 billion as it ramped up its total leasable space.
DD top honcho Edgar Injap Sia had envisioned a huge recurring income from the company to make it sustainable.
So far, DD has completed a total of 803,735 sq. meter of leasable space which is 80.30% of its target for 2020 when it had its IPO listings.
In a disclosure to the Philippine Stock Exchange today. DD sai that its retail community malls nationwide stood at 93.4% and that it had completed three new office towers in 2019.
These are the Jollibee Tower in Ortigas, Central Business District and Double Dragon Center East and West that form the second phase of Meridian Park in the Bay Area.
So far, the company is looking forward to having an additional seven Hotel 101 projects to add to its existing Hotel 101 Manila.