Three publicly-listed companies led by bilyonaryo Injap Sia delivered stellar financial results in the first nine months of the year.
Holding company DoubleDragon Corp. saw a 120.6 percent jump in its consolidated core net income to P2.22 billion during the period.
DoubleDragon said its nine-month net income consists purely of core recurring net income as there was P2.79 billion tax benefit related to one-off adjustments as a result of the implementation of the CREATE law booked in the same period in 2021, as well as other one-off tax adjustments.
Consolidated core revenues stood at P5.66 billion, up 23 percent year-on-year as real estate sales doubled from the sale of Hotel101-Davao and Hotel101-Cebu Mactan Airport.
“DoubleDragon since the past few years has been in the intense mode of putting in brick by brick its business fundamentals and simultaneously solidifying each and every underlying part of the business,” Sia said.
“DoubleDragon is also glad to be one of the very few Filipino companies that has its own homegrown brand and unique hybrid condotel concept that is exportable outside of the Philippines. We believe that Hotel101 has a high potential to transcend as a mainstream global brand,” he added.
Real estate investment trust unit DDMP REIT, for its part, recorded a 5.82 percent rise in its core net income to P1.54 billion. Revenues improved by 0.64 percent to P1.82 billion, while rental income went up by 7.42 percent to P1.67 billion.
Meanwhile, Sia’s grocery chain operator MerryMart Consumer Corp. booked a net income of P42.49 million from January to September, up 84.71 percent year-on-year.
The company’s revenues surged 62.1 percent to P4.55 billion driven by the continued sales growth of existing stores and the consolidation of the recent pharmacy chain acquisitions of Carlos SuperDrug and Cecile’s Pharmacy.
MerryMart said it continues to keep its eyes open for similar accretive partnerships and acquisitions within both the traditional and technology consumer sectors.
“We continue to be firm and unwavering in our pursuit to usher the MerryMart Group to become one of the most dominant and highly relevant consumer companies in the Philippines by 2030,” Sia said.
MerryMart is targeting to have 1,200 branches nationwide and P120 billion in systemwide recurring consumer sales revenue by 2030.