MANILA, Philippines - DoubleDragon Properties, the property company owned by Jollibee founder Tony Tan Caktiong and Mang Inasal founder Edgar "Injap" Sia, said its profits skyrocketed in the second quarter of the year.
In a disclosure to the stock exchange, DoubleDragon said its net income surged by 1605 percent to P63.1 million in the second quarter, from P3.7 million during the same period a year ago. The second quarter profit was also 17 times its earnings in 2013.
"Significant increase in consolidated revenues is driven by strong sales take-up of its existing businesses and new investments and developments," the company said.
In the second quarter, DoubleDragon revealed plans to develop The Meridian Park project near the Mall of Asia complex in Pasay City. It will cover 334,000 square meters of floor area and is envisioned to become a themed complex of buildings for business process outsourcing (BPO) firms, corporate offices, commercial complex, and serviced apartments.
The strong Q2 results pushed DoubleDragon's first-half net income to P84.3 million, 526 percent higher than the P13.4 million it posted during the same period in 2013.
DoubleDragon said it is on track to meet its P525 million net income target for 2014, since it expects the majority of net income sources to come in the second half of the year.
"We expect continued growth in the Philippine property sector, most notably in the commercial retail and office segments," Sia, DoubleDragon chairman and CEO, said in a statement.
DoubleDragon is targeting P1 billion net profit by 2016, and P4.8 billion by 2020. The bulk of the profits is expected from recurring rental income of the 1 million square meters of total office and commercial leasable spaces it is currently building.
The first CityMall community mall is expected to open on December 12, 2014, which is the same date as the opening of the first Mang Insal branch in 2003. Four more CityMalls are scheduled to open before the end of 2014.
DoubleDragon is aiming to open 100 CityMalls around the country by 2020.
"Just like Mang Inasal, we envision CityMall to become a successful household brand that every Filipino can be proud of," Sia said.
The community malls are under DoubleDragon's subsidiary CityMall Commercial Centers Inc (CMCCI), which is co-owned by Henry Sy's SM Investments.