July 7, 2022

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Sia’s listed companies post strong profit rise

2 min read

THREE listed companies led by Edgar J. Sia II reported strong profit growth in the first quarter, including his property leasing business DoubleDragon Corp., which reported a 5.7% increase in net income attributable to parent firm equity holders to P469.26 million.

“We are pleased to have surpassed our 2022 goal of 1.2 million square meters GFA (gross floor area) of completed recurring income portfolio. The whole cycle coming from zero leasable space, when DoubleDragon listed in the Philippine Stock Exchange last April 2014, to over 120 hectares of fully constructed recurring income portfolio today was not a walk in the park,” DoubleDragon Chairman Edgar Sia II said in a disclosure on Tuesday.

Mr. Sia added that the company expects its prime assets to mature and generate recurring revenues at different times, but that it should reach optimal recurring revenue generation before 2025.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) were also up by 8.7% to P1.05 billion and consolidated revenues increased by 13% to P1.71 billion.

In a separate disclosure, DoubleDragon’s real estate investment trust (REIT), DDMP REIT, Inc., reported that its net income surged by 39.8% to P558.9 million in the first quarter.

Total revenues were up by 13.8% to P639.4 million while rental income increased by 15.9% to P589.3 million.

DDMP REIT approved a cash dividend amounting to P496.8 million or P0.027868 per share with the payment date on June 30.

“We are glad that DDMP REIT has remained resilient and has stably passed through what people say is a once in a lifetime major global crisis brought by the COVID-19 (coronavirus disease 2019) pandemic,” Mr. Sia said.

“We believe that the most important feature of DDMP REIT is that 100% of its leasable space sits on prime commercial titled land that DDMP REIT perpetually owns, as over a long period of time, the land value is expected to surpass the value of the building structures, and in the…

Jino Nicolas

2022-05-17 12:55:22

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