DoubleDragon grew H1 core profit by 162% 

DoubleDragon Corp. saw its core net income more than double in the first half as the property developer continued its shift toward recurring operating revenues.

On Monday, the company, founded by tycoons Tony Tan Caktiong and Edgar Sia II, said core net income had surged 161.89 percent to P2.41 billion during the six-month period.

Core revenues likewise jumped 70.2 percent. Consolidated revenues reached P8.55 billion, up 23 percent from the same period last year.

“Core revenues continue to accelerate strongly and, as expected, being part of its growth trajectory, the company continues its transition away from fair value gains and towards recurring and core operating revenues as the [portfolio of] investment and leasing properties gets completed and starts to generate recurring revenues,” the company said.

Even better H2 seen

DoubleDragon expects an even stronger increase in core revenues in the second half, supported by its leasing portfolio, new malls, warehouses and office tenants, as well as additional MerryMart supermarkets.

Hotel101 is also expected to provide a boost through new unit sales from projects in the Philippines and overseas.

For the remainder of the year, DoubleDragon plans to open three additional CityMall community malls, two CentralHub warehouse complexes and five full-sized MerryMart supermarkets.

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New hotels

It is also set to open three Hotel101 properties in Davao, Cebu and Niseko, Hokkaido, Japan. Together with the 680-room Hotel101-Madrid, these projects will bring the number of additional Hotel101 rooms opening this year to 2,229.

DoubleDragon completed its acquisition of a 98.61-percent stake in MerryMart Consumer Corp. in June, a transaction that it said would further accelerate its transition into an investment holding company.

DoubleDragon ended June with total assets of P246 billion, up from P225.3 billion at the end of 2025.