Robust revenues enabled bilyonaryo Injap Sia-led companies DoubleDragon Properties Corp. and MerryMart Consumer Corp. to achieve profitability in the first nine months of the year.
MerryMart reported a 19.5 percent jump in net income to P50.76 million from January to September, with its topline rising by 27 percent year-on-year to P5.79 billion.
The grocery chain operator is continuously expanding its brick-and-mortar stores and focusing on further enhancements in MerryMart Wholesale’s super app.
The app has experienced exponential growth in registered users, reaching over 190,000 at present, with a selection of over 14,000 grocery products to choose from.
“As we enter the busiest season of the year for the retail industry, we maintain our focus in strengthening the backbone of our business operations as we enhance and further automate our supply chain,” Sia said.
“We look forward to rolling out more distribution centers across the country in the coming months to expand the service areas of MerryMart Wholesale as well as support the continuous opening of our brick and mortar retail stores nationwide,” he added.
DoubleDragon, meanwhile, posted a 0.68 percent improvement in profit for the nine-month period at P2.47 billion as revenues climbed by three percent to P6.15 billion.
“Given that the world economy is getting more and more fragile and volatile, we deemed it imperative, that the only way to future-proof itself is to passionately pursue the target of DoubleDragon’s revenues to be derived from geographically diversified sources, that eventually over the longterm, we aim that no single country will contribute over 10 percent of DD’s revenue and income,” Sia said.
DoubleDragon is currently setting its sights on two specific goals.
The first goal is for the company’s Philippine portfolio to fully mature and reach its optimal revenue generation level by 2025.
The second goal is for the company’s offshore Hotel101 Global portfolio to gain significant market grip overseas by 2025.
“But of course, your company, DoubleDragon, will remain a deep rooted Filipino company at its core forever. And your DD team will never stop at any point, doing its unconditional responsibility, to continually be a significant contributor in nation-vuilding, with our common goal towards a first world Philippines,” Sia said.