Alliance Global doubles earnings to nearly P24B

ALLIANCE Global Group, Inc. (AGI) on Wednesday reported that its net income more than doubled to P23.8 billion in 2021, driven by a resurgence in all its business segments due to the eased mobility restrictions and the reopening of the economy.

“Despite the overall challenging business environment, AGI has delivered a sterling performance in 2021. Thanks to our diversified portfolio and our agility to transform whatever adversities we faced into opportunities, and our continuous drive for operating efficiencies,” AGI Chief Executive Kevin L. Tan said in a statement.

Meanwhile, net income to owners was up 92% year on year to P16.9 billion while consolidated revenues increased by 18% to P152.6 billion.

AGI has varied businesses, including real estate development through Megaworld Corp.; spirits manufacturing through Emperador, Inc.; leisure, entertainment and hospitality through Travellers International Hotel Group, Inc.; quick service restaurants through Golden Arches Development Corp. (GADC), and infrastructure development through Infracorp Development, Inc.

“Our overall margins improved given the hefty growth in the topline, coupled with our cost efficiency measures which have remained in place. During the year, the group also achieved many milestones,” Mr. Tan said.

In October, Megaworld launched its real estate investment trust company MREIT, Inc. with a P15.3-billion initial public offering.

In 2021, Megaworld registered a 36% year-on-year increase in attributable net income to P13.4 billion as consolidated revenues also rose by 17% to P50.8 billion. —