Double Dragon Properties Corp. has reported a consolidated net income of P2,199,663,182 in the first half of 2019, a 74.8 percent increase in its year-on-year revenue of P1,258,054,955.
The company also noted an increase in its recurring revenues, driven by the growth in its rental revenue.
DD’s rental revenues also grew to P1.53 billion, which is 32.4% more compared to P1.16B during the same period last year. The figures boosted its recurring revenues which now stand at P1.83 billion as against 2018’s P1.41 billion.
Recurring revenues now form 32.7% of the company’s total revenues as it continues its shift towards its goal of becoming a 90% recurring revenue company.
DD has completed several leasing projects, including the first phase of CentralHub Tarlac and CentralHub Capiz industrial warehouse complexes and the first five office towers of DD Meridian Park.
Meanwhile, the DD Center West’s six towers are now 98.88% leased out.
The company’s retail leasing mall portfolio stated 94.19% are leased out while its hotel segment enjoyed average occupancy of 83.84% for the first half of 2019 across all five operating hotels.
The 518-room Hotel101-Manila remained the company’s best performing hotel, averaging 87.95% occupancy for the first half of 2019.
As of the end of June 2019, Consolidated Total Assets stood at Php 89.87 billion while total equity reached Php 34.63 billion.
The company has already secured leases amounting to Php 81.57 Billion covering its existing properties. This is a milestone for the Company as the amount of leases it has secured is more than 2x its total debt as of the end of June 2019.
“DoubleDragon’s 4 pillars of growth in retail leasing, office leasing, industrial warehouse leasing and hotels will give the company a well-diversified real estate portfolio essential to successfully navigate the current fast-changing global business environment. We believe that gone are the days where concentration to only one or two specific sectors within the real estate industry is beneficial to the company in the long run. DoubleDragon will soon achieve its mid-term goal of 25 percent equal recurring revenue contribution for each of its four diverse pillars. Our team has been focused on putting in place the right sunrise real estate platforms which will enable DoubleDragon to become a durable company that will stand the test of time,”said DoubleDragon chairman Edgar “Injap” Sia II.