AGI profit rises to P16 billion

MANILA, Philippines — Conglomerate Alliance Global Group Inc. (AGI) of tycoon Andrew Tan saw its profit inch up in the first semester, supported by its diversified portfolio.

AGI’s net income stood at P16 billion in the first half, up by three percent from P15.6 billion in the same period in 2025, net of one-time gains from last year’s deconsolidation of Golden Arches Development Corp. (GADC). 

AGI said the growth was led by a shift toward recurring property income, improved gaming and tourism earnings and growing spirits sales.

Excluding the GADC deconsolidation, the group’s consolidated revenues improved by three percent year-on-year to almost P90 billion, fueled by higher contributions from property leasing, spirits, the resilient non-VIP segment, and non-gaming revenue from its gaming business.

Kevin Tan, president and chief executive officer of AGI, said “the strength of this group is its mix” amid a demanding global environment. 

“Our recurring property income kept compounding, our gaming business grew earnings even as the industry moved away from VIP play, and our spirits continued to grow on a stronger portfolio,” he said. 

Tan said the group enters the second half with real momentum in its highest-quality businesses and a balance sheet built to support growth plans.

“Diversified, high-quality earnings are what carry us through cycles, and that is where we continue to invest,” he said.

Travellers International, AGI’s leisure and tourism arm and owner-operator of Newport World Resorts, booked the most improved earnings performance in the first half as its revenue mix continued to shift. 

Attributable net income of the company nearly doubled year-on-year to P568 million, supported by cost efficiencies and a higher-margin revenue mix. 

Net revenue stood at P15.2 billion, with a resilient non-VIP segment and fast-growing non-gaming offerings more than offsetting a decline in volatile VIP volumes.

Property giant Megaworld, for its part, recorded a five percent year-on-year jump in net income to P12.7 billion, with consolidated revenues reaching P44.2 billion.

Emperador, the world’s largest brandy producer and one of the fastest-growing Scotch whisky manufacturers, delivered a net income of P3.7 billion for the period, positioning the business for a stronger multi-year profitability trajectory as the global spirits market normalizes.

The company grew its consolidated revenues by five percent year-on-year to P29.6 billion, with both of its core segments contributing to the overall performance.