Alliance Global Group Inc. (AGI), the investment holding company of tycoon Andrew Tan, posted a four percent dip in attributable net income to P8.8 billion in the first half of 2024 from P9.2 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues improved eight percent to P107.5 billion in the first half from P99.1 billion the year before.

AGI said it chalked up a strong performance in the first half of 2024, following a resurgence in activities across all business segments in the second quarter.

In the second quarter, AGI saw a sustained rise in contribution from its real estate and quick service restaurant businesses, underpinned by resilient consumer spending.

After a sluggish start, the Group also benefited from a sharp recovery in spirits demand in the global market, coupled with improved activities from its leisure and tourism arm.

Consolidated revenue grew by 16 percent year-on-year (YoY) and 12 percent quarter-on-quarter (QoQ) to P56.8 billion, hiking AGI’s net income to P7.2 billion from P7.1 billion. Attributable profit was steady at P4.6 billion over the same period.

“The Alliance Global Group mustered a strong recovery in the second quarter of the year despite the generally sluggish global economy, as well as the challenges brought about by elevated inflation, interest rates, and an unstable currency,“ said AGI President and CEO Kevin L. Tan.

He added “Our performance mirrored the underlying strength of our brands and all our businesses as the Group continued to invest in future capacity expansions and execute our strategies as planned.

“We also focused on implementing enhancements and innovations of our aspirational products and services to address changes in market preferences. We believe that we are in the best position to take advantage of emerging opportunities as the economy continues to recover.”

Megaworld continued to lead the Group’s performance in the first half of the year as it registered a 22 percent increase in revenue to P39.1 billion from P32.0 billion a year ago. Attributable net income rose by nine percent to P8.6 billion from P7.9 billion the year before.

Emperador saw its consolidated revenue increase by 18 percent QoQ to P15.5 billion, as whisky sales jumped by 27 precent while brandy sales rose by 12 percent over the same period. Attributable net income stood at P2.1 billion, reflecting a growth of 19 percent QoQ.

The second quarter recovery also helped lift Emperador’s performance in the first semester of 2024, bringing consolidated revenue to P28.6 billion and attributable net income to P3.8 billion.

Travellers International’s gross revenues increased by 17 percent QoQ to P10.9 billion, largely due to the sharp 20 percent QoQ expansion in gross gaming revenues.

Its non-gaming segment sustained a revenue growth of eight percent QoQ on higher average hotel occupancy of 84 percent and as the NWR complex broke a new record in average daily footfall, hitting 44,000 visitors.

This allowed for a 38-fold QoQ increase in attributable income in the second quarter to P423 million. In the first half, attributable net income stood at P434 million on gross revenues of P20.1 billion.

Golden Arches Development Corporation, a partnership with tycoon George Yang that owns McDonald’s Philippines, has sustained its healthy sales growth in the first half of the year, with total revenues increasing by 14 percent YoY to P23.0 billion, buoyed mainly by its ongoing product enhancements and promotions.

It also benefited from its wider network of 755 stores nationwide as at end-June. Despite mounting cost pressures, the company managed to keep its overall margins stable, leading its attributable income to reach P1.1 billion, an increase of 11 percent YoY.