Billionaire Andrew Tan’s investment arm Alliance Global Group Inc. (AGI) registered an 18 percent net income growth to P20.1 billion during the first nine months of 2023 from the P17.1 billion earned during the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said it registered a healthy 17 percent growth in consolidated revenues during the period, bringing the level to P150.4 billion from P128.4 billion the year before.

This was driven by the continued rise in consumer spending and improved economic activity despite prevailing macroeconomic headwinds.

Meanwhile, attributable profit ended higher by nine percent at P12.9 billion from P11.9 billion recorded in the same period of last year.

In the third quarter of 2023, consolidated revenues expanded by 12 percent year-on-year (YoY) to P51.3 billion, while net income went up by 16 percent YoY to P6 billion. Attributable profit stood at P3.7 billion.

“The Alliance Global Group has sustained its strong financial and operating performance in the first nine months of the year even in the wake of persistent domestic and global economic challenges,” said AGI Chief Executive Officer Kevin L. Tan.

He added that, “during the period, the Group continued to introduce new and exciting experiences across all our business segments, delivering superior products and services in the local and international market.”

Megaworld Corporation, the country’s premier township developer, registered a robust 43 percent improvement in net income in the first nine months of the year to P12 billion from P8.4 billion the year before.

Global liquor firm Emperador recorded a healthy 10 percent increase in consolidated revenues in the first three quarters of the year to P47.1 billion while rising inventory costs, coupled with higher selling and operating expenses, resulted in an attributable net income of P6.8 billion.

Travellers International, the group’s leisure and tourism arm and owner of Newport World Resorts (NWR), recorded net revenues of P23.3 billion in the first nine months of the year, exceeding its pre-pandemic level and reflecting a growth of 27 percent YoY.

This was driven by the resurgence in tourism and MICE activities which allowed for a robust 41 percent YoY increase in hotel and other revenues to P5 billion, while its gross gaming revenues went up by 14 percent YoY to P25.9 billion.

Amid rising cost pressures, EBITDA over the same period went up by 12 percent YoY to P6 billion. This brought its net income to P773 million, reversing the previous year’s losses of P235 million.

Golden Arches Development Corporation, the country’s most dynamic quick-service restaurant operator, has maintained its sequential growth when it posted total sales revenues of P10.6 billion in the third quarter of 2023, up by 23 percent YoY.

This brings its tally for the first nine months of 2023 to P30.7 billion, reflecting a 28 percent increase from P23.9 billion the year before, as McDonald’s Philippines remained relevant in the highly competitive consumer sector with its creative product offerings and pricing.

Its net income in the third quarter this year almost doubled to P498 million, bringing its nine-month total 44 percent higher YoY to P1.47 billion.

The company, which holds the exclusive franchise to operate restaurants in the Philippines under the ‘McDonald’s’ brand, has a long-term partnership with AGI and is led by its Chairman and Founder George Yang. GADC ended the period with 705 stores nationwide.

“We look forward to a more hectic economic activity in the last quarter, accompanied by the much-vaunted holiday spending. Given our superior and attractive product offerings, and armed with an indomitable spirit, we hope to end the year on a stronger note regardless of the macro headwinds,” said Tan.