DoubleDragon Corp. said Wednesday its investment overseas is meant to diversify its earnings source, reducing income dependence on one country in the long haul.
“Given that the world economy is getting more and more fragile and volatile, we deemed it imperative, that the only way to future-proof itself is to passionately pursue the target of DoubleDragon’s revenues to be derived from geographically diversified sources, that eventually over the longterm, we aim that no single country will contribute over 10 percent of DD’s revenue and income,” said DoubleDragon chairman Edgar Injap Sia II.
In the nine months to September, with earnings derived mostly from the Philippines, DoubleDragon reported nearly flat consolidated net income, with growth of 0.7 percent to P2.47 billion while total revenues increased 3 percent to P6.15 bllion.
Its total assets increased to P163.99 Billion at the end of September while total equity rose to P82.10 billion.
Even as it expands its global reach, Sia said, DoubleDragon “will remain to be a deep-rooted Filipino company at its core forever.” He added that the company will continue to be “a significant contributor in nation building, with our common goal towards a first world Philippines.”
DoubleDragon has titled hard assets in the Philippines that are strategically located in Luzon, Visayas and Mindanao. These assets are expected to fully mature by 2025 and expected to exceed over P250 billion in value by 2030.
