Home Economy Sia-led firms report double-digit profit growth

Sia-led firms report double-digit profit growth

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EDGAR J. SIA II — PHILIPPINE STAR/ERNIE PEÑAREDONDO

LISTED companies MerryMart Consumer Corp. (MM) and DoubleDragon Corp. (DD) led by billionaire Edgar J. Sia II logged better attributable net incomes in the third quarter.

In a stock exchange disclosure on Wednesday, DD said its net income attributable to the equity holders of the parent company for the July-to-September period rose 94% to P626.15 million from P322.64 million last year.

DD’s third-quarter revenues declined 13.8% to P2.2 billion from P2.56 billion but was offset by a 7% decline in costs and expenses to P1.28 billion from P1.38 billion. 

For the nine months through September, DD said its attributable net income rose 9.3% to P1.43 billion compared with P1.31 billion last year.

The company’s revenues climbed 3% to P6.15 billion from P5.97 billion a year ago.

“DD’s nationwide Philippine portfolio of titled hard assets strategically located in Luzon, Visayas, and Mindanao, is expected to fully mature by 2025 and expected to exceed over P250 billion in hard real estate asset value by 2030,” the company said, adding that the value excludes its overseas asset portfolio.

Some of DD’s business interests include community malls CityMall, hotel chains Hotel101, and warehouse complexes.

Meanwhile, MM said in a separate disclosure on Wednesday that its attributable net income in the third quarter rose 82% to P9 million from P4.95 million last year. 

The company’s third-quarter revenues rose 23.7% to P2.08 billion from P1.68 billion a year ago.

MM said its nine-month attributable net income rose 12% to P25.95 million from P23.14 million last year.

Revenues from January to September climbed 27% to P5.79 billion compared with P4.55 billion in 2022, led by a 27% surge in revenues for the sale of goods to P5.69 billion.

Currently, MM’s nationwide network covers 119 branches, as the company sustains the expansion of its brick-and-mortar stores and further improves its wholesale supplier application.

The company is eyeing to have 1,200 branches nationwide and to generate P120 billion in systemwide recurring consumer sales revenues under its Vision 2030 target.

“As we enter the busiest season of the year for the retail industry, we maintain our focus in strengthening the backbone of our business operations as we enhance and further automate our supply chain,” Mr. Sia said.

“We look forward to rolling out more distribution centers across the country in the coming months to expand the service areas of MerryMart Wholesale as well as support the continuous opening of our brick and mortar retail stores nationwide,” he added.

On Wednesday, DD shares rose 26 centavos or 3.68% to P7.33 each while MM shares fell one centavo or 0.95% to P1.04 apiece. — Revin Mikhael D. Ochave

CEDadiantiTyClea




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