DoubleDragon profit soars 2.5x on property, forex gains

DoubleDragon Corporation, the real estate venture of Filipino tycoons Tony Tan Caktiong and Edgar “Injap” Sia II, posted a dramatic 2.45-fold surge in its consolidated net income for the first quarter of 2025, driven largely by unrealized gains from property revaluations and favorable foreign exchange movements.

In a disclosure to the Philippine Stock Exchange on Monday, the company reported a consolidated net income of P2.04 billion for the January to March period, significantly higher than the P592.9 million recorded in the same quarter last year.

DoubleDragon’s consolidated revenues more than doubled, jumping by 117 percent to P4.45 billion in the first quarter from P2.05 billion in the same period of 2024. The increase was primarily fueled by fair value gains of P1.9 billion from newly completed investment properties, which the company said contributed significantly to its bottom line.

Foreign exchange gains also played a critical role in boosting earnings. Other income rose by 30.1 percent to P872.5 million, up from P670.8 million a year ago, attributed to improved foreign exchange conditions and miscellaneous income sources.

Rental revenues edged up 4.9 percent to P964.0 million, supported by higher occupancy levels and contributions from new property developments. Meanwhile, real estate sales soared by 68.9 percent to P417.4 million, with Hotel101-Madrid and Hotel101-Niseko projects driving a notable portion of the growth.

Hotel operations contributed P221.2 million in revenue, accounting for 5 percent of the consolidated figure and marking a 12.1 percent year-on-year increase due to rising hotel occupancy rates.

The firm also posted a sharp 191.4 percent increase in interest income, which rose to P49.8 million from P17.1 million in the same period last year, primarily from gains in time deposit yields.

DoubleDragon's robust Q1 performance reflects the continuing strength of its core real estate businesses, coupled with strategic gains from financial and investment activities.