AGI profits jump 67% in Q1
Alliance Global Group, Inc. (AGI), the investment arm of tycoon Andrew Tan, reported a 67 percent jump in net profit to P5.4 billion in the first quarter of 2022 from P3.2 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said attributable net income rose 52 percent to P3.9 billion from its year ago level of P2.6-billion.
Consolidated revenues grew by 18 percent to P37.5 billion in the first quarter of 2022 from P31.8 billion in the comparative period last year.
“AGI continued with its impressive growth momentum in the first quarter of the year as the overall improvement in mobility has allowed all our businesses to perform further closer to pre- pandemic levels – boosting revenues of our lifestyle malls, hotels and our quick service restaurants,” said AGI Chief Executive Kevin L. Tan.
He added that, “This upturn is reflective of the underlying strength in domestic economy, just waiting to be unleashed.” In the first quarter of 2022, Megaworld Corporation reported a 30 percent growth in net income to P3.1 billion while Emperador’s attributable profit was flat at P2.1 billion.
Emperador’s revenues inched up 2 percent to P12.3 billion amid renewed quarantine restrictions across the globe due to the Omicron variant, coupled with challenges in the supply chain.
This indicates the resilience of global demand for the Group’s premium liquor brands, primarily its whisky products which continued to post a robust sales growth of 20 percent year-on-year during the quarter.
Its brandy segment, however, was impacted by rising costs, capping overall profit margins.
Golden Arches Development Corporation (GADC), popularly known as McDonald’s Philippines, reported that its attributable net income more than trebled to P258 million in the first quarter this year on consolidated revenues of P7.2 billion, indicating a 27 percent year-on-year expansion.
“Armed with the learnings we have acquired in the past couple of years, we target to achieve our pre-pandemic performance this year. We remain confident and optimistic of our growth prospects even in the face of current domestic and global headwinds,” said Tan.