DoubleDragon Corp.’s core net income surged to P2.41 billion in the first six months of 2026, up from P920 million as the property company’s growing portfolio began delivering a much stronger contribution from recurring and operating businesses.
Core revenues rose 70 percent year-on-year during the period, highlighting a significant shift in the group’s earnings engine as more malls, warehouses, offices, supermarkets, and hotels moved into revenue-generating operations.
The sharp increase in core income is particularly notable because DoubleDragon has been working to reduce its reliance on fair value gains and increasingly derive earnings from actual business operations. The company expects the transition toward predominantly core revenues to be substantially completed from 2028 onward.
DoubleDragon’s total assets reached P246 billion as of June 30, up from P225.3 billion at the end of 2025. Total equity increased by P4.1 billion to P105.7 billion, while its debt-to-equity ratio remained at 1.03 times, comfortably below its 2.33-times debt ceiling.
The company expects core revenues and income to accelerate further in the second half, driven by its leasing portfolio, new mall and warehouse openings, additional office tenants, MerryMart supermarkets, and Hotel101 unit sales.
Three CityMall community malls, two CentralHub warehouse complexes, five full-sized MerryMart supermarkets, and three Hotel101 properties in Davao, Cebu, and Niseko, Japan are scheduled to open in the second half of 2026.
Hotel101 remains the group’s biggest global growth bet. Hotel101-Madrid, which opened in March, has already reached full occupancy several times, with the company expecting stronger demand around major events, including Real Madrid matches and the upcoming Formula 1 Grand Prix.
DoubleDragon is also preparing to establish DD Hotel101 Worldwide One in Singapore, which it plans to sponsor as a S$300 million REIT.
The numbers suggest DoubleDragon is entering a potentially important phase. Its assets are no longer merely being built or revalued. Increasingly, they are being put to work, and the resulting income is beginning to show up in a much bigger way.
