Sia-led DoubleDragon, MerryMart book double-digit income growth

TWO LISTED companies led by Edgar J. Sia II reported double-digit income growth for the first quarter while his listed real estate investment trust (REIT) posted a profit decline.

In a regulatory filing on Tuesday, DoubleDragon Corp. disclosed a 10.8% growth in consolidated net income for the three-month period to P520.09 million. Its consolidated revenues inched up to P1.72 billion.

“DoubleDragon continues to strengthen its position in preparation for the upcoming shift of tide to a fresh new cycle of economic boom years that should naturally follow after a major economic crisis,” Mr. Sia said in a statement.

In a separate filing, listed retailer MerryMart Consumer Corp. recorded a 53% surge in net income during the January-to-March period to P18.98 million. Its revenues reached P1.75 billion during the quarter, up 46.1% from the same period last year.

The company said that it aims to generate about P120 billion in system-wide recurring consumer sales revenue from 1,200 branches nationwide by 2030. Its units are MerryMart Express, MerryMart Market, MerryMart Grocery, and MerryMart Wholesale.

“MerryMart’s subsidiary MM Consumer Technologies Corp. with MBOX Smart Lockers is the first in its consumer technology portfolio that is expected to add and complement to the ecosystem of the MerryMart Group,” the company said.

Meanwhile, DDMP REIT, Inc. saw a 17.5% decline in its net income during the first quarter to P461.13 million from P558.9 million in the same period last year. Its top line declined 13.5% to P553.11 million from P639.37 million the prior year.

Mr. Sia said the group believes that companies showing their ability “to navigate very well the series of major economic crises, such as what we have all experienced, will be in a unique position to capture the extraordinary opportunities” that will present themselves “after all the chaos and once the fire has cleared and the smoke has settled.”

On Tuesday, DoubleDragon shares rose 3% to P7.21 each, while MerryMart shares rose 0.82% to P1.23 apiece. DDMP REIT shares were unchanged at P1.30 each. — Adrian H. Halili

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