Alliance Global Group Inc. (AGI), the investment arm of tycoon Andrew Tan, reported a slight decline in net income to P17.1 billion in the first nine months of 2022 from the P17.33 billion posted in same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its attributable net income also dipped to P11.9 billion from the P12.03 billion earned in the same period of 2021.

However, excluding over P5 billion in one-time gains booked last year by its leisure and entertainment unit, AGI should reflect a 46 percent year-on-year jump in net income and 29 percent improvement in attributable profit.

AGI said it would also have seen a 23 percent year-on-year (YoY) increase in normalized revenues. The firm reported a 17 percent growth in consolidated revenues to P128.4 billion in the first nine months of 2022from P110.1 billion the year before.

The diversified conglomerate credited its healthy topline performance mainly to the sustained improvement in mobility which benefitted its consumer and real estate businesses, supported by its strong product positioning and aggressive marketing strategies.

“The Group managed to sustain its strong core performance as our diversified portfolio continued to seize the various opportunities in the domestic and international markets despite the volatile macro environment,” said AGI Chief Executive Officer Kevin L. Tan.

He added that, “We have maintained our competitive position in all our business segments as we relied on our improved brand equity, aggressive and creative marketing strategies, and extensive distribution network.”

Megaworld Corporation reported a 12 percent YoY expansion in net income in the first nine months of the year to P9.7 billion although attributable profit rose by only 3 percent to P8.4 billion, weighed down by hefty unrealized foreign exchange losses.

Emperador’s attributable profit was flattish at P7.2 billion over the nine-month period as rising raw material and handling costs, coupled with increased advertising and promotional expenses, have pulled down profit margins.

Golden Arches Development Corporation (GADC), popularly known as McDonald’s Philippines, which is a strategic partnership with the George Yang Group, posted a net income of P1.0 billion, reflecting a five-fold jump from its year ago level.

The firm continued to benefit from the sustained improvement in mobility, encouraging consumer spending.

“Despite the macro headwinds, we maintain our optimistic outlook as we head towards a further improvement in mobility in time for the fourth quarter holiday spending,” said Tan.

He added that, “We look forward to being able to sustain our strong growth and fully surpass our pre-pandemic performance across all our business segments.”