AGI hands out P3.9-B cash dividend

MANILA, Philippines - Alliance Global Group Inc. (AGI), the investment holding firm of property tycoon Andrew L. Tan, will hand out P3.9 billion in cash dividends to stockholders for a second consecutive year following a profitable 2013.

In a disclosure to the Philippine Stock Exchange, AGI said its board of directors has declared a cash dividend of P0.38 per share, the same amount the company doled out last year.

Shareholders as of Sept. 8 will receive the cash payout on Sept. 22, AGI said.

 “The cash dividends are being declared out of the unrestricted retained earnings of AGI as of December 2013. This is in line with AGI’s constant efforts to increase shareholder value,” the firm said.

Over the past three years, AGI has increased cash dividends to stockholders, from P0.36 per share in 2011 and 2012, to P0.38 last year and this year.

AGI’s stock price has also doubled to P25 from P12.50 in end-2010.

 “Increasing shareholder value is closely intertwined in our business philosophy. We are happy to share as dividends with our shareholders about 23 percent of our 2013 net profit attributable to owners of AGI,” AGI chairman and chief executive officer Andrew L. Tan said.

AGI recorded another banner year in 2013, posting double-digit growth in earnings and revenues driven by its real estate and liquor businesses.

AGI also recently announced consolidated earnings of P11.4 billion in the first six months of 2014, up 1.2 percent from the same period last year due to the improved production of subsidiaries Megaworld Corp, Emperador Inc, Travellers International Hotel Group Inc., and Golden Arches Development Corp.

Its net profit in the first half of the year, however, tumbled nine percent to P7.49 billion from P8.24 billion a year ago.