Sia-led firms report better net income

SIA-LED companies on Tuesday reported higher net income and revenues in the first three months of the year.

DoubleDragon Corp. reported an inched up net income of P469.26 million, up 5.7 percent year on year, in January to March, while its revenues for the period gained 13 percent to P1.71 billion.

DoubleDragon Chairman Edgar “Injap” Sia 2nd noted that the company ended last year surpassing its 2022 goal to reach 1.2 million square meters (sqm) gross floor area of completed recurring income portfolio.

Meanwhile, its real estate investment trust (REIT) company, DDMP REIT Inc., posted a 39.8-percent better net income of P558.9 million in the first quarter from P399.65 million in the same period a year ago.

Its total revenues also climbed by 13.8 percent to P639.37 million from P561.97 million year on year, while its rental income improved by 15.9 percent to P589.35 million from P508.59 million.

MerryMart Consumer Corp., on the other hand, recorded a 29.3-percent increase in its first-quarter income to P12.23 million, while its revenues expanded by 30.8 percent to P1.2 billion year on year.

MerryMart said its organic branch expansion and recent acquisitions totals to 105 branches nationwide.

“With the consolidation of the latest acquisitions and MerryMart’s organic growth in stores, we expect to exceed the P5-billion revenue mark this year to more than double MerryMart’s revenue two years ago in 2019,” Sia remarked.

“[T]he next very important goal will be to reach P12-billion revenue mark as soon as possible, then from that point onwards we expect a far higher velocity of revenue growth velocity toward the P120-billion revenue goal that we have set for 2030,” he continued.

Shares of DoubleDragon shed 3 centavos, or 0.39 percent, to close at P7.57 apiece, while the shares of DDMP REIT inched up by 3 centavos, or 1.99 percent, to P1.54 each on Tuesday.