DoubleDragon Profit Nearly Quadruples to ₱3.91 Billion as Overseas Projects Drive Growth

 

DoubleDragon Corp. reported a sharp improvement in earnings for the first nine months of the year, with its growing international portfolio emerging as the company's primary revenue driver.

The property developer, backed by entrepreneurs Edgar Injap Sia II and Tony Tan Caktiong, posted ₱3.91 billion in core net income from January to September, nearly four times the ₱1.1 billion recorded during the same period last year.

Consolidated revenues also doubled to ₱20.78 billion, reflecting stronger contributions from its domestic and international businesses.

Overseas operations accounted for 59 percent of total revenue, highlighting the company's increasing reliance on foreign markets and dollar-denominated income.

A major contributor to this strategy is Hotel101 Global Holdings Corp., a DoubleDragon subsidiary expanding its hospitality business internationally. Its 680-room property in Madrid reportedly sold out on its opening day, demonstrating demand for the company's hotel investment model.

Hotel101 generates income through two channels: selling hotel units to investors and earning revenue from the subsequent operation of those properties. This dual-income structure allows the company to benefit from both property sales and recurring hospitality operations.

Limited exposure to property market oversupply

DoubleDragon also believes its business structure provides protection against weaknesses in certain segments of the Philippine real estate market.

The company said it currently has no ongoing condominium developments, reducing its exposure to the growing inventory of unsold residential units, particularly in Metro Manila.

Colliers Philippines reported approximately 80,000 unsold condominium units in the capital region as of September. Around 44 percent belonged to the lower-middle-income market, with prices ranging from ₱3.6 million to ₱6.99 million.

The developer also reported having no exposure to major business process outsourcing locators. This limits its vulnerability to potential office space reductions as companies increasingly adopt automation for voice-based transactions.

Third-quarter earnings show accelerating momentum

DoubleDragon's third-quarter performance further reinforced its growth trajectory. The company recorded ₱1.13 billion in profit for the period, approximately six times higher than the ₱183.67 million reported a year earlier.

The latest results support management's outlook for stronger financial performance during the second half of the year.

Its expansion strategy includes opening additional shopping malls and warehouses across the Philippines, alongside generating new sales from Hotel101 developments in domestic and international markets.

With overseas operations contributing a larger share of revenue, DoubleDragon is positioning itself as a Philippine property company capable of generating substantial foreign-currency earnings.

The combination of international hospitality expansion, domestic commercial developments and reduced exposure to oversupplied property segments forms the foundation of its strategy to sustain earnings growth.