Insider Spotlight
The company said core revenue and core profit growth accelerated during the period as more investment properties began contributing recurring income.
Why it matters
Investors have closely watched DoubleDragon's efforts to reduce its dependence on property valuation gains. The latest results suggest leasing, hospitality and retail operations are taking on a larger role in driving earnings, a shift management expects to be substantially completed by 2028.
By the numbers
In a press statement, the company founded by billionaire businessmen Edgar “Injap” Sia II and Tony Tancaktiong said consolidated revenue reached P8.55 billion in the first six months, up 23 percent from a year earlier. Core revenue increased 70.2 percent year on year, while core net income jumped 161.89 percent to P2.41 billion.
On the balance sheet, total assets expanded to P246 billion as of June 30 from P225.3 billion at the end of 2025. Total equity increased to P105.7 billion, while the debt-to-equity ratio stood at 1.03 times, well below the company's stated ceiling of 2.33 times. The disclosure did not provide operating cash flow or free cash flow figures.
Between the lines
Management said the second half should see an even stronger increase in core revenue as additional leasing income, office tenants, MerryMart supermarkets and Hotel101 unit sales contribute to results. The company also completed its acquisition of a 98.61 percent stake in MerryMart Consumer Corp., reinforcing its transition into an investment holding company.
DoubleDragon plans to open three CityMall community malls, two CentralHub warehouse complexes, five MerryMart supermarkets and three Hotel101 properties in Davao, Cebu and Niseko, Japan before year-end. It also highlighted preparations for a planned 300 million Singapore dollar hospitality real estate investment trust in Singapore to support Hotel101's international expansion.
What they're saying
The company said it expects "an even higher jump" in core revenue in the second half, driven by recurring leasing income, new commercial developments and Hotel101 sales. It added that a full transition toward core operating revenue is expected by 2028.
The bottom line
DoubleDragon's first-half performance points to improving quality of earnings as recurring operations increasingly replace non-cash valuation gains.
While management remains optimistic about expansion and Hotel101's global rollout, investors will likely monitor whether the projected acceleration in recurring revenue materializes in the second half and whether operating cash generation keeps pace with reported profit. —Daxim L. Lucas| Ed: Corrie S. Narisma
