AGI posts ₱19.3-B profit in 9 months

Alliance Global Group, Inc. (AGI), the investment holding company of tycoon Dr. Andrew Tan, reported a 4 percent improvement in net income to ₱19.3 billion in the first nine months of 2019 from the ₱18.7 billion earned in the same period last year. In a disclosure, the firm said that, excluding non-recurring gains, core profit grew 9 percent to ₱19.1 billion from ₱17.6 billion the previous year. Attributable net income stood at ₱12.8 billion, up 7 percent from last year’s ₱12.0 billion. Excluding non-recurring gains, core attributable profit grew 11 percent to ₱12.7 billion from ₱11.4 billion the previous year. Consolidated revenues increased by 17 percent to ₱127.0 billion from ₱108.8 billion during the same period last year, reflecting an accelerated growth pace from the first half. “We continue to work hard to deliver the strong performance across all our business segments,” said AGI Chief Executive Officer Kevin L. Tan. He added that, “we undertake product innovations, capacity expansions and even pursue digital transformations in order to further strengthen our diversified portfolio amidst this fast-changing market. We believe these deliberate strategies will soon bear fruit, allowing our Group to show accelerated growth in future earnings.” Property developer Megaworld posted a 14 percent growth in attributable profit to ₱12.8 billion while Travellers International Hotels Group Inc. reported an attributable net income of ₱786 million. Emperador posted a 3 percent growth in attributable net income to ₱5.3-billion while Golden Arches Development Corporation GADC, the exclusive franchisee in McDonald’s in the Philippines, saw its attributable profit rise 18 percent to ₱1.2 billion.(James A. Loyola)