AGI profits surge 173% in 9 months

Published November 15, 2021, 4:07 PM

by James A. Loyola

Alliance Global Group, Inc. (AGI), the investment arm of tycoon Andrew Tan, posted a hefty 173 percent jump in net income to P17.3 billion in the first nine months of 2021 from P6.4 billion during the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm attributed its performance mainly to its “diversified operations, strong brand equity and ongoing cost management efforts, factors that helped cushion the impact of the restrictions brought about by the global pandemic.”

Alliance Global Group Inc.

Consolidated revenues rose 20 percent to P110 billion during the nine-month period compared to P91.8 billion the year before.

Net income attributable to owners more than doubled, rising 106 percent to P12.0 billion from P5.8 billion recorded for the same period last year.

“AGI delivered these strong results even amid the health crisis while tapping on its internal strengths – its differentiated products and services, extensive distribution network, diversified operations, massive landbank and healthy balance sheet,” said AGI Chief Executive Officer Kevin L. Tan.

AGI CEO Kevin L. Tan

He added that, “The pandemic has also prompted our organization to maintain our cost efficiencies in most areas of our operations. This provided a major boost in our nine-month consolidated net margin which went up 500 basis points from year ago level.”

“We look forward to the further reopening of the economy as this could bring about the much vaunted revenge spending in time for the holiday season,” noted Tan.

He said “We expect the renewed activity to continue, paving the way for the Group’s full recovery from the pandemic hopefully by next year.” Real estate unit Megaworld Corporation said its consolidated revenues went up by 11 percent to P36.9 billion, bringing net profit higher by 10 percent YoY to P8.2 billion.

Liquor firm Emperador registered a 24% percent YoY increase in its first nine months net income to P7.3 billion, nearly matching its full year 2020 performance.

Travellers International, the owner and operator of Resorts World Manila (RWM), reported a net income of P1.9 billion, reversing the losses of P5.4 billion recorded the year before.

The company’s performance included some P5.6 billion in one-time gain from the services rendered by its subsidiary in relation to its Westside City project.

Gross revenues year-to-date went up by 28 percent YoY to P14.8 billion, with gross gaming revenues up sharply by 37 percent YoY to P12.8 billion, nearly matching its full year 2020 level.

Golden Arches Development Corporation (GADC), which owns McDonald’s Philippines through a strategic partnership with the George Yang Group, reported a 25 percent growth YoY to P17.7 billion in the first nine months of 2021.

Net income for the same period stood at P183 million, an upward reversal from the losses of P967 million the year before.

 
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