MANILA, Philippines — Alliance Global Group Inc. (AGI), the listed conglomerate of tycoon Andrew Tan, reported a net income of P25.2 billion last year, up six percent year-on-year.
The company’s attributable net income, however, was flat at P16.1 billion amid inflationary pressures and high cost of raw materials.
In a disclosure yesterday, the company noted, however, that the group’s 2021 performance included “significant extraordinary items booked under its gaming unit, which if netted out should reflect a growth of 27 percent year-on-year in AGI’s core profit, while core attributable income should show a seven percent improvement from the year before.”
For 2022, the company raked in consolidated revenues of P183.6 billion, an increase of 20 percent from P152.8 billion the year before.
AGI chief executive officer Kevin Tan said the country’s sustained economic recovery helped propel the sequential top-line improvement of all business segments last year, leading to a record performance in consolidated revenues in 2022.
“It also helped that our group’s diversified portfolio has remained agile to spot and seize opportunities in the marketplace,” Tan said.
AGI’s business interests span real estate developments through property giant Megaworld Corp.; spirits manufacturing through Emperador Inc.; leisure, entertainment and hospitality through Travellers International Hotel Group Inc.; quick service restaurants (QSR) through Golden Arches Development Corp.(GADC), popularly known as McDonald’s Philippines; and infrastructure development through Infracorp.
Among the different businesses, Tan said the spirits, gaming and entertainment, as well as the restaurant business units churned in robust revenues.
“Our real estate business also performed mostly above its peers, particularly in terms of keeping office rentals steady, higher-than-industry occupancy rates for its offices and hotels, and robust residential pre-sales,” Tan said.
Premier township developer Megaworld registered a 17 percent increase in consolidated revenues to P59.5 billion while Emperador’s revenues grew 12 percent to P62.8 billion from P55.9 billion a year ago.