Alliance Global triples H1 net profit to P12.8B

Published August 12, 2021, 3:43 PM

by James A. Loyola

Alliance Global Group, Inc. (AGI), the holding company of tycoon Dr. Andrew L. Tan, tripled its net income to P12.8 billion in the first half of 2021 from P4.1 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said earnings were boosted by its diversified revenue streams that helped mitigate the impact of the strict lockdowns that were re-imposed in the National Capital Region and other parts of the country.

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Attributable net income increased by 124 percent to P8.5 billion from P3.8 billion recorded in the first half of last year.

Consolidated revenues rose by 16 percent to P71 billion during the first half of the year compared to the P61.4 billion generated in the same period of 2020.

“All of our business segments here and abroad managed to sustain the quarterly growth trajectory we have been experiencing since the third quarter of 2020,” said AGI Chief Executive Officer Kevin L. Tan.

Alliance Global Group Inc. Chief Executive Officer Kevin Tan

He said this indicates the extent of pent-up consumer spending across the globe, capped only by the prevailing restrictions in those areas to curb the rise of the COVID-19 Delta variant.

“We are also relentless in our efforts to fully recover from this pandemic-induced business slump as soon as we can, through our superior brands and distribution system, more innovative products and services, strong relationships with our partners, cost-effective operations, and our efficient digitalization strategy throughout all our business segments,” he added.

Megaworld Corporation sustained its quarterly improvement in revenues and earnings as all of its business units continued to adapt to the varying degrees of quarantine restrictions.

Emperador Inc. broke a new record in quarterly earnings when net income in the second quarter this year shot up 60 percent to P3 billion, bringing its first half profit 53 percent higher to P5.1 billion.

Travellers International, the owner and operator of Resorts World Manila (RWM), felt the heavy weight of the re-imposed lockdown when it virtually had no gaming operations for the most part of the second quarter.

This brought its gross revenues lower by 12 percent quarter-on-quarter to P4.6 billion during the period, although this still represents a five-fold improvement from its year ago level.

Net income to hit P3.74 billion during the quarter, bringing its first half profit to P2.6 billion, reflecting a turnaround from a net loss of P3.7 billion the year before.

Despite the prevailing quarantine restrictions, Golden Arches Development Corporation (GADC), popularly known as McDonald’s Philippines, continued to grow its sales revenues in the past four quarters, bringing the level to P6.1 billion in the second quarter this year, up 108 percent YoY.

In the first half, total revenues rose 21 percent YoY to P11.8 billion while net income amounted to P49 million from a net loss of P709 million the year before.

 
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