Alliance Global Group Inc., the holding firm of businessman Andrew Tan, on Monday bared net income growing 19 percent in the first six months to P14.2 billion from last year’s P12 billion, driven higher by the sustained improvement in mobility and discretionary spending.
Consolidated revenue rose 20 percent to P99.1 billion from P82.6 billion.
In the second quarter alone, consolidated revenue rose 8 percent to P48.8 billion while net income went up 7 percent to P7.1 billion. Attributable profit stood at P4.6 billion, reflecting an increase of 5 percent.
“We 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,“ Kevin Andrew L. Tan, chief executive officer, said.
Township developer Megaworld Corp. posted a 34 percent increase in net income to P7.9 billion from P5.9 billion.
Liquor maker Emperador Inc. reported attributable income slump 9 percent to P4.7 billion from P5.2 billion last year as the increase in selling and operating expenses weighed on margins.
In the second quarter, Emperador’s income slowdown proved steeper at 24 percent to P2.4 billion. Consolidated revenue was flat at P15.5 billion, bringing the six-month figure to P31.1 billion or an 11 percent increase.
Its premium whisky in Asia and North America reported revenue growth of 23 percent to P12.5 billion, mitigating the modest 4 percent rise in brandy revenue to P18.6 billion amid stiffer competition in the domestic market.
“Our international business is constantly showing stellar performance driven by the single malt whisky portfolio, which continues to be among the fastest growing single malts in the world. And while the brandy segment is facing some headwinds, reinvigorating efforts are in place to ensure long-term growth. After posting banner performances for three consecutive years in 2020, 2021 and 2022, our company believes that 2023 will continue to be a better year,” Winston Co, Emperador president, said.
Golden Arches Development Corp., which holds the master McDonald’s franchise, reported net income of P972 million in the first half or a 22 percent increase from last year.
Revenue for the period reached P20.2 billion, 31 percent higher than only P15.4 billion the year before.
The business rounded the period with 702 stores nationwide.
