AGI posts P12 B first half profit

Alliance Global Group, Inc. (AGI), the holding company of tycoon Dr. Andrew L. Tan, posted a 3 percent decline in attributable profit to P8.2 billion while reported net income dipped 6 percent to P12 billion.

In a disclosure to the Philippine Stock Exchange, AGI said consolidated revenues rose by 16 percent year-on-year (YoY) to P82.6 billion in the first half of 2022.

These figures in the first half of 2021 included a hefty one-time gain of P5.4 billion, booked mainly by AGI’s entertainment and leisure unit Travellers International Hotel Group Inc.

Excluding such one-off item, AGI showed a normalized growth in revenues of 26 percent YoY, an increase in net income of 63 percent, and a 41 percent improvement in attributable profit – indicating a solid growth in overall operations.

“AGI’s strong interim performance mirrors the quarterly rise in economic activity, helped by pent-up consumer spending as mobility continues to improve,” said AGI Chief Executive Officer Kevin L. Tan.

He noted that, “This has been felt across all our business segments which have performed on par, if not ahead, of their pre-pandemic levels.”

“While we continue to face a number of challenges moving forward, such as higher input costs, supply chain issues, volatile foreign exchange rate, and rising interest rates, we believe our focused strategies, creativity of offerings, and strong market positioning will enable us to maintain our strong footing in this highly competitive market and sustain our recovery,” added Tan.

Megaworld Corporation’s net income in the first half stood at P5.9 billion, reflecting an 18 percent improvement from the year before.

Emperador Inc. saw a 3 percent growth in its first half profit to P5.2 billion from P5.1 billion the year before while Golden Arches Development Corporation (McDonald’s Philippines) reported a first half net income of P768 million, reflecting a 15-fold increase from its level the year before.

If you like this article, share it on social media by clicking any of the icons below.

Or in case you haven’t subscribed yet to our newsletter, please click SUBSCRIBE so you won’t miss the daily real estate news updates delivered right to your Inbox.

The article was originally published in Manila Bulletin and written by James A. Loyola.