Alliance Global posts record 123.7-B net income in 2018

Alliance Global Group, Inc. (AGI), the investment holding company of tycoon Andrew L. Tan, reported a hike in consolidated net income to 123.7 billion last year from 122.3 billion in 2017.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues in 2018 ended the year at 1160.7-billion, reflecting a 14 percent increase from 1141.3 billion a year ago.

“This is a milestone performance for AGI and proves that our aggressive expansion strategies which we started implementing across our various business segments about five years ago have begun to bear fruit,” said AGI Chief Executive Officer Kevin L. Tan.

He added that, “now, all our major business segments are contributing strongly to the Group’s growth. We look forward to sustaining this momentum in the coming years.”

Tan said AGI is allocating 185 billion for capital expenditures this year, a significant increase from the 170 billion in actual expenditures in 2018. About 90 percent of this year’s budget will fund the expansion projects of Megaworld Corporation and Travellers International Hotel Group Inc.

“We remain unrelenting in our expansion plans as we view with optimism the country’s economic prospects despite some temporary challenges,” said Tan.

Megaworld posted another record year in 2018 as attributable net income reached 115.2 billion, reflecting an increase of 16 percent from 113.1 billion in 2017. (JAL)