Tycoon Andrew Tan-led Alliance Global Group Inc. (AGI) surpassed its pre-pandemic performance with net income rising 19 percent to P14.2 billion in the first six months of 2023 from its year ago level of P12 billion.

In a disclosure to the Philippine Stock Exchange, the firm said this was achieved on the back of a robust 20 percent growth in consolidated revenues to P99.1 billion from P82.6 billion the year before.

Revenue growth was driven by the sustained improvement in mobility and discretionary spending which benefitted all of its business segments.

Attributable profit amounted to P9.2-billion, 12 percent higher from P8.2 billion recorded the same period of last year.

In the second quarter of 2023, consolidated revenues rose by eight percent year-on-year (YoY) to P48.8 billion, while net income went up by seven percent year-on-year (YoY) to P7.1 billion. Attributable profit stood at P4.6 billion, reflecting an increase of five percent YoY.

“The Alliance Global Group delivered another strong interim financial and operating performance even amidst the global and local economic challenges that affected all businesses during the period and the stiffer competition in the market place,” said AGI Chief Executive Officer Kevin L. Tan.

He added that, “The Group has proven its tenacity in trying to beat industry metrics as we aspire to be always a step ahead of the race through our creative offerings and active engagement in the market. It also helped that consumer spending has been healthy while mobility continues to improve.”

“While there are persistent inflationary pressures, we have remained steadfast in achieving operating efficiencies across all business units,” said Tan.

He noted that, “We have also maintained our financial prudence even as we continue with our aggressive expansion plans both here and abroad. The Group is optimistic that we can weather this through as we remain focused in achieving our growth goals.”

Developer Megaworld Corporaton registered a 34 percent improvement in net income to P7.9 billion from P5.9 billion the year before.

Emperador recorded an 11 percent rise in consolidated revenues in the first six months of the year to P31.1 billion but rising selling and operating expenses weighed on overall margins, bringing its attributable net income in the first semester of the year some 9 percent lower to P4.7 billion.

Golden Arches Development Corporation has maintained its upward sales trajectory when it posted total revenues of P10.2 billion in the second quarter of 2023, reflecting an increase of 25 percent YoY, bringing its first half tally 31 percent higher to P20.2 billion from P15.4 billion the year before.

McDonald’s Philippines, the country’s most dynamic quick service restaurant operator has maintained its relevance in the highly-competitive consumer market with its creative product offerings and pricing.

However, increased cost pressures have weighed on overall margins, capping its net income growth in the second quarter this year to 9 percent YoY to P554 million, bringing its first half total to P972 million, still reflecting a 27 percent YoY increase from its level the year before.