Sia’s listed businesses post robust profit growth

FIRMS led by Edgar J. Sia II on Tuesday reported solid income growth for 2022 to cap another profitable year for the businessman who plans to further expand his homegrown hotel business overseas.

In separate stock market disclosures, DoubleDragon Corp. and DDMP REIT, Inc. reported a surge in net income past P12 billion, while MerryMart Consumer Corp. posted a bottom line nine times higher than the level in the previous year.

DoubleDragon posted a 14.5% increase in consolidated net income for 2022 to P12.92 billion from the P11.28 billion reported a year prior. The company reported consolidated revenues of P14.13 billion, an 11.3% decline from the P15.93 billion recorded previously.

“DoubleDragon has for several years put together its four pillars of growth,” DoubleDragon Chairman Edgar J. Sia II said, referring to office leasing, provincial retail leasing, industrial leasing, and hospitality.

“[T]he first three pillars will continue to grow in the Philippines,” he said.

The company seeks to build about 500,000 Hotel 101 rooms in its portfolio by 2040 through its subsidiary Hotel101 Global Pte Ltd.

“Our homegrown hospitality business Hotel101 is truly a gem [for the group] as its pioneering concept and business model is exportable to the rest of the world,” Mr. Sia added.

In a separate filing, MerryMart reported a net income of P321.78 million, significantly higher than the P34 million seen the prior year. Its revenues grew by 71% to P6.72 billion from the P3.93 billion recorded previously.

“We are pleased to announce that MerryMart has exceeded its original revenue target of P5 billion for 2022 by ending last year with actual revenue of P6.72 billion,” its chairman, Mr. Sia, said in a separate statement.

Merrymart aims to reach P12 billion in revenue “as soon as possible,” he said, as he expects “higher velocity” revenue growth going towards its P120-billion revenue target by 2030.

The company plans to open 1,200 branches nationwide and aims to generate about P120 billion in system-wide sales by 2030.

Meanwhile, DoubleDragon’s real estate investment trust (REIT), DDMP REIT, Inc. recorded a net income of P12.1 billion, a 68.8% increase from the P7.17 billion recorded in the previous year. Revenues decreased by 38.7% to P4.72 billion from the P7.70 billion seen a year prior. While rental income stood at P2.18 billion.

The company’s costs increased by 4.32% to P531.32 million from P509.32 million.

On Tuesday, DoubleDragon shares fell 1.2% or 8 centavos to P6.60 apiece while MerryMart shares declined 0.86% or a centavo to P1.17 each. DDMP shares closed unchanged at P1.34 apiece. — Adrian H. Halili