Alliance Global profit rises 16% to 16.5 B

Alliance Global Group, Inc. (AGI), the investment holding company of tycoon Dr. Andrew Tan, registered a robust 16 percent growth in net income to 16.5 billion during the first quarter of 2019 from 15.6 billion in the same period last year.

Attributable income stood at 14.4 billion, 21 percent higher than 13.6 billion a year before.

In a disclosure to the Philippine Stock Exchange, the firm said this was achieved as consolidated revenues rose by 19 percent to 141.0 billion from 134.4 billion over the same period last year.

Contributing strongly to the results are township developer Megaworld Corporation, gaming and leisure firm Travellers International Hotel Group, Inc., liquor subsidiary Emperador Inc. and the quick service restaurants (QSR) business under Golden Arches Development Corporation (GADC).

“Our much-improved performance is a testament to our strong brand equity across all our business segments,” said AGI Chief Executive Officer Kevin L. Tan.

He added that, “we will continue to offer our premium products and excellent services to the market as we remain optimistic of the opportunities that lie ahead.”

“We are mindful of the challenges in the external environment, but we will strive to work harder to sustain such good results,” noted Tan.

Megaworld reported attributable net income of 13.8 billion in the first quarter, reflecting a 16 percent expansion from 13.3 billion the year before.

Travellers International recorded a sharp 69 percent increase in EBITDA to 11.4 billion in the first quarter while Emperador’s attributable net income stood at 11.7 billion, up 10 percent from last year’s 11.6 billion.

Emperador President Winston Co said they will continue to take advantage of the premiumization of the market and focus on sales of their global brands, particularly for single malt whiskies which is posting the strongest growth among all product segments.