DoubleDragon Corporation is poised to exceed ₱100 billion in total equity for the first time in 2024, marking a significant milestone as it positions itself among the few Philippine companies to reach a 12-digit equity level.
The company’s success is underpinned by its diversified hard asset portfolio across the Philippines and a novel, asset-light business model through its Hotel101 brand. This model is not only highly portable but also exportable globally, expected to generate major US dollar inflows for the Philippine economy.
DoubleDragon has achieved a credit rating of PRS Aaa (Triple A) from Philippine Rating Services Corporation, reflecting the highest tier by PhilRatings. The company’s strategically located investment properties across Luzon, Visayas, Mindanao, and overseas form a solid foundation for its financial health.
Furthermore, DoubleDragon reported a consolidated net income increase of 23.25% year-on-year to ₱15.93 billion as of December 31, 2023, with consolidated revenues of ₱24.74 billion. Total assets were up 15.59% year-on-year to ₱181.24 billion, and total equity grew 15.88% to ₱94.57 billion. The company’s debt-to-equity ratio stood at a healthy 0.64x.
In less than a decade, DoubleDragon has completed over 1.3 million square meters of diversified assets, including community malls in provincial areas, office buildings in Metro Manila, hotels, and warehouses nationwide. These investments not only stimulate local economies but also promote economic growth in the provinces.
The upcoming Hotel101 Global listing in the US is expected to further strengthen DoubleDragon’s balance sheet and contribute to the elevation of the Filipino brand of hospitality globally.
DoubleDragon’s principal shareholders include Injap Investments Inc., led by Mang Inasal founder Edgar “Injap” Sia II, and Honeystar Holdings Corp., led by Jollibee founder Tony Tan Caktiong.
Chairman Edgar “Injap” Sia II highlighted the company’s role in the competitive industry: “We are grateful for the grit and hard work of our team and the support of all our stakeholders that enabled DoubleDragon to thrive in a business landscape that allows entrepreneurs to succeed, inspiring more entrepreneurs to start up and grow large over time.”
Sia added, “As an entrepreneur myself who started in the province, I believe that a country that encourages a continuous flow of new players to grow, alongside old players, is vital for a robust and healthy economy that contributes towards a First World Philippines.”
