DoubleDragon Properties Corp. (DD) more than quadrupled its net income last year to P560 million from P122.1 million in 2013, driven by brisk real estate sales.
In a statement, the company said revenue from real estate sales rose to P1.2 billion last year from P511 million from 2013.
“2014 has indeed been a significant year for DD, both financially and through the partnerships that we have formed and through the various projects that we have recently embarked on. Let us keep in mind that this is only the beginning of what we all expect to be a robust future for your company,” DD chairman and chief executive officer Edgar “Injap” Sia II said.
The firm said it increased its real estate inventory by 200 percent to P2.2 bilion from P748 million a year earlier due to the substantial acquisitions and projects started last year.
DD, through its unit CityMall Commercial Centers Inc. (CMCCI), has secured 20 CityMall locations to date which are undergoing construction. This is in line with the company’s aim to complete 25 CityMalls this year and a total of 100 operating CityMalls nationwide, mostly in the provinces, by 2020.
CMCCI is two-thirds or 66 percent owned by DoubleDragon, while 34 percent is owned the Sy family-led conglomerate SM Investments Corp.
To date, the company already has 33 hectares of land, comprising about 480,000 square meters (sq m) of gross leasable area (GLA) once completed or 48 percent of the one million sq m GLA goal.
The one-million GLA target is expected to come from the 100 CityMalls (700,000 sq m); DoubleDragon Plaza project at The Meridian Park site in Pasay City (200,000 sq m); and from other existing and near-term developments (100,000 sq m).
DD has community malls undergoing construction in Bacolod City; Boracay; Tiaong, Quezon province; Kalibo, Aklan; Cotabato City; Dau, Mabalacat, Pampanga; Anabu, Imus, Cavite; Ungka, Pavia in Iloilo; Tagbak, Jaro in Iloilo; Cebu Downtown; Consolacion, Cebu City; Zamboanga City; Roxas City, Capiz.
The company is set to open its first CityMall on Friday, March 27.
Meanwhile, DoubleDragon said it aims to hit P1 billion net profit by 2016 and P4.8 billion by 2020.
The company has five subsidiaries: Zion Land Development Ph Inc., DoubleDragon Sales Corp., One Eleven Property Management Corp., Piccadilly Circus Landing, Inc. and CMCCI.
DoubleDragon is a joint venture between Injap Investments Inc. headed by Edgar “Injap” Sia II, founder of the Mang Inasal grilled chicken restaurant chain, and Tony Tan Caktiong, chairman and founder of Jollibee Foods Corp.