doubledragon 1h17 total revenues up 131% to …€¦ · doubledragon 1h17 total revenues up 131% to...
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DOUBLEDRAGON 1H17 TOTAL REVENUES UP 131% TO P1.6BLN
RECURRING REVENUES INCREASES 4.1X TO P473.3MLN 1H17 NET INCOME UP 161% TO P376.4MLN VS 1H16 NET INCOME
DoubleDragon Properties Corp. (“DoubleDragon”, “DD” or “The Company”) booked an increase in Consolidated Total Revenues of 131% year-on-year to end the first six months of 2017 with Php 1.6 Billion in Consolidated Total Revenues complemented by the growth in recurring revenues, which increased more than 4.1x to Php 473.3 Million for the first six months of 2017 vs. Php 92.4 Million during the same period last year. Recurring revenues were a combination of rental revenues from the Compnay’s retail portfolio as well as hotel revenues from DoubleDragon’s recent acquisition of Hotel of Asia Inc. (HOA), which serves as the Company’s hospitality arm. HOA is growing its two hotel brands, Hotel101 and JinJiang Inn Philippines, and aims to have a combined total of 5,000 hotel rooms by 2020. DoubleDragon currently has 20 operational malls, which include 18 operational CityMalls all of which are above 95% leased out on average. Another twelve (12) CityMalls are expected to open before the end of the year together with DoubleDragon Plaza that consists of a retail strip and four (4) office towers. DoubleDragon Plaza will add about 136,000 square meters of operational leasable space to the DoubleDragon portfolio by the end of the year. DoubleDragon Plaza is only the first of four phases that will comprise the Company’s flagship project DD Meridian Park in the Bay Area. Once fully completed, DD Meridian Park will deliver about 280,000 square meters of leasable space by 2020. As a result of the robust growth in topline and improved gross margins, DoubleDragon was able to book a 161% year-on-year increase in Consolidated Net Income which came in at Php 376.4 Million for the first six months of 2017. For the three months ending June 30, 2017 the Company’s Net Income increased by 110% year-on-year to Php 210.7 Million from Php 100.5 Million during the same period last year. Consolidated Total Assets of the Company grew by Php 998.8 Million to Php 50.5 Billion as of June 30, 2017 vs. December 31, 2016. Consolidated Total Equity of the Company likewise grew by Php 292.3 Million to Php 20.25 Billion as of June 30, 2017 vs. December 31, 2016. The Company’s financial position continued to remain solid with a healthy debt-to-equity ratio of 1.23x. The Company recently concluded a successful Php 9.7 Billion offering of 7-year Fixed Rate Retail Bonds, which will complete its total capex requirements for all 100 CityMalls, DD Meridian Park and Jollibee Tower. The Company likewise has increased its 2020 leasable portfolio target from 1 Million square meters to 1.2 Million square meters comprised of 700,000 square meters from 100 CityMalls, 300,000 square meters from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 square meters from the planned 5,000 hotel rooms of Hotel101 and JinJiang Inn Philippines, and another 100,000 square meters from the Company’s latest venture into industrial leasing, CentralHub Industrial Centers Inc. (“CentralHub”). CentralHub will focus on providing standardized multi-use warehouses suited for commissaries, cold storage and logistic centers, some of which will be built to the specifications of large locaters.
DoubleDragon has also announced its revised 2020 Net Income Target of Php 5.5 Billion from Php 4.8 Billion as well as a planned follow on equity offering which is expected to enhance trading liquidity and further strengthen its balance sheet with higher equity levels. The Offering will allow the entry of a good base of institutional investors to further strengthen the position of DD in the international investment community and will pave the way towards its aspiration to be included as one of the blue chip stocks in the PSEi in the near term. “We have always believed in the power of careful planning coupled with sheer focus and passionate execution which we put into action in building DoubleDragon. The DoubleDragon team will continue to develop and nurture its four pillars of growth, which comprise of retail leasing, office leasing, industrial leasing and the hospitality business. The Company is focused in areas of the real estate industry where it can achieve a lasting dominant position.” said DoubleDragon Chairman, Edgar “Injap” Sia II. By: Atty. Joselito L. Barrera, Jr.
Chief Information Officer