Alliance Global nets ‘record’ P30B in 2023

ALLIANCE Global Group Inc., the listed holding firm of tycoon Andrew Tan, on Tuesday reported its highest net income so far last year at P30.3 billion, up 20 percent from 2022’s P25.2 billion and bolstered by double-digit revenue growth across its businesses.

Attributable net profit also surged to a new high of P19.6 billion, an increase of 21 percent from the previous year’s P19.6 billion, the company told the stock exchange on Tuesday.

Strong consolidated revenues, which grew 15 percent to P211.2 billion from P183.6 billion, supported the “recordbreaking” performance.

“This was achieved even amid heightened competition in the domestic and global markets, various macro-challenges in some key markets, rising cost pressures, and higher interest rates,” company CEO Kevin Tan said in a statement.

AGI’s real estate, tourism, and consumer businesses were the growth drivers last year, and Tan added that the robust performance has “encouraged us to carry on with our aggressive business strategies and expansion plans across our diversified portfolio.”

Property subsidiary Megaworld Corp. posted a“record”net income of P19.4 billion last year, up 26 percent from 2022’s P15.4 billion, on the back of a 17 percent rise in consolidated revenues to P69.7 billion.

This, AGI said, was propelled by increased real estate sales, a sharp recovery in hotels and malls, and higher office rentals, complemented by steady growth in consumer spending and foot traffic.

Leisure and tourism arm Travellers International, owner-operator of Newport World Resorts, saw its net income soar 89 percent to P2 billion from P1.1 billion, as revenues rose 19 percent to P31.9 billion amid a recovery in tourism that fueled a resurgence in meetings, incentives, conferences and exhibition (MICE) activities.

Golden Arches Development Corp. (GADC), which operates McDonald’s restaurants in the Philippines, likewise booked “record” sales of P42.8 billion in 2023, up 24 percent from the previous year’s P34.4 billion, with systemwide sales growing by 22 percent.

GADC, which had 740 stores operating at the end of 2023, reported that attributable profit expanded to P2.5 billion from P1.8 billion, despite elevated raw material costs and operating expenses in 2023.

Beverage production arm Emperador, meanwhile, notched a 5-percent uptick in consolidated revenues to P65.6 billion from P62.8 billion, fueled by sustained growth in global whisky sales, resulting in attributable earnings closing the year at P8.6 billion.

This year, AGI expects to take advantage of the anticipated interest rate cuts and consequent easing in inflation, which is expected to boost both the economic and business environments.

Alliance Global shares were down 0.42 percent to P9.50 each on Tuesday as the benchmark Philippine Stock Exchange index plunged by 2.4 percent.