DOUBLEDRAGON Corp. said Monday that core net income surged 161.89 percent to P2.41 billion in the first half as it continued its transition toward recurring and core operating revenues.
In a disclosure, the company said the strong first-half performance was also a result of investment and leasing properties increasingly generating recurring revenues as completed assets began operations.
Core revenues from January to June jumped 70.2 percent year on year while consolidated revenues rose 23 percent to P8.55 billion. The company said it expected the transition toward core revenues to be substantially completed from 2028 onward.
DoubleDragon continued to expand its portfolio following its acquisition of a 98.61-percent stake in MerryMart Consumer Corp. last June and the addition of more income-generating properties.
For the second half, it plans to open three CityMall community malls, two CentralHub warehouse complexes, five full-sized MerryMart supermarkets and three Hotel101 properties in Davao, Cebu and Niseko, Hokkaido, Japan.
DoubleDragon said the new properties, together with additional office tenants and Hotel101 projects, were expected to further increase core revenues in the second half.
Total assets reached P246 billion as of end-June, from P225.3 billion at end-2025, while total equity rose P4.1 billion to P105.7 billion. It maintained its debt-to-equity ratio at 1.03 times, below its stated ceiling of 2.33 times.
DoubleDragon’s hospitality business also continued to expand overseas. The 680-room Hotel101-Madrid, which opened in March, was earlier reported to have accumulated 5,000 reviews on Booking.com and obtained a 9.1 out of 10 rating.
The group also recently completed the topping-off of its 702-room Hotel101-Libis at Robinsons Bridgetowne Estate in Quezon City.
DoubleDragon said it expected core revenues to accelerate further in the second half as its leasing, retail and hospitality assets generate additional income.
Shares of the company on Monday added P0.02, or 0.17 percent, to close at P12.12 each.
