The net income of DoubleDragon Properties Corp. surged 71.8 percent to P2.53 billion in 2017 from P1.47 billion in 2016 on the significant growth of recurring revenues.
DoubleDragon said in a disclosure to the stock exchange total revenues jumped 78 percent to P6.6 billion as recurring revenue expanded 3.76 times to P1.31 billion in 2017 from just P347.6 million in 2016.
Recurring revenue now accounts for 19.8 percent of the company’s total revenues as it continues to expand the leasing business to achieve the company’s target of 90 percent recurring revenue by 2020.
DoubleDragon as of end 2017 completed 332,500 square meters of leasable space. It expects to complete over 50 percent of its leasable portfolio target and that it should start contributing substantially to the company by 2019.
DoubleDragon also expects 50 completed community malls under its CityMalls brand in 2018.