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Manila Bulletin devider Business devider AGI earns P3.2 billion in Q1 on strong liquor sales

AGI earns P3.2 billion in Q1 on strong liquor sales

Published May 20, 2021 03:24 pm

Alliance Global Group, Inc. (AGI) registered a 20 percent drop in net profit to P3.2 billion in the first quarter of 2021 from the P4 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its profits declined as the global pandemic continues to impact the domestic economy brought about by quarantine restrictions.

Attributable net income was 13 percent lower at P2.6 billion in the first quarter of the year from P3.0 billion in the same period of 2020.

Consolidated revenues declined 16 percent to P31.8 billion in the first three months of 2021 from last P38 billion in the comparative period last year.

“During the first two months of the year, most of our businesses have already rebounded, sustaining the momentum achieved during the holiday season. However, the momentum has been halted temporarily due to new restrictions imposed as a result of surges in new cases at the end of March,” said AGI Chief Executive Officer Kevin L. Tan.

He added that, “Thankfully, our international liquor operations continued to deliver strong results, supported by the reopening of the various economies across the globe and the improving traction of its brands in the international market.”

In the first quarter of 2021, Megaworld Corporation reported a 4 percent improvement in attributable net income to P2.4 billion while Emperador Inc. recorded a 43 percent year-on-year jump in attributable profit to P2.1 billion in the first quarter this year.

Travellers International, owner and operator of Resorts World Manila (RWM), posted a net loss of P1.1 billion in the first quarter, roughly unchanged from the year before.

Golden Arches Development Corporation, the franchise holder of McDonald’s in the Philippines, posted an attributable net income of P73 million in the first quarter this year as consolidated revenues reached P5.7 billion.

Its EBITDA grew by 30 percent year-on-year, driven by ongoing product promotions, cost efficiencies, and continued innovations to support its operations.

“We are very optimistic for the next three quarters as we look forward to an accelerated vaccine rollout that would allow business activities to pick up,” said Tan.

He added that, “This pandemic taught our Group to be relentlessly creative and innovative in executing and modifying some of our strategies to help our various businesses recover fast and strong.”

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Kevin Tan Alliance Global Group Inc.
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