Alliance Global Group Inc., the holding company of tycoon Andrew Tan, reported attributable net income rising 21 percent in 2023 to a new high P19.6 billion on the back of strong performance from its real estate, tourism and consumer segments.
Consolidated revenue total P211.2-billion, reflecting a 15 percent growth from only P183.6-billion the year before.
“2023 was a historic year for the Group as it delivered excellent performance across all of its businesses, led by its real estate, tourism and consumer segments. This was achieved even amid heightened competition in the domestic and global market, various macro challenges in some key markets, rising cost pressures and higher interest rates,” said Kevin Tan, chief executive officer.
He said most of Alliance Global’s businesses returned results higher than pre-pandemic levels. “Such strong performance has encouraged us to carry on with our aggressive business strategies and expansion plans across our diversified portfolio,” he added.
The listed holding company has interests in real estate through Megaworld Corp.; spirits manufacturing through Emperador Inc.; leisure, entertainment, and hospitality through Travellers International Hotel Group, Inc.; quick service restaurants via Golden Arches Development Corp., owner of local McDonald’s franchise; and infrastructure development through Alliance Global-Infracorp Development, Inc.
Megaworld saw revenue rise 17 percent to P69.7 billion on double-digit growth in real estate sales, recovery in mall earnings and higher income from hotels and offices.
Travellers International also broke new records in 2023 with net revenue growing by 19 percent year-on-year to P31.9 billion on the resurgence in tourism and meetings, incentives, conferences, and exhibition and steady growth in gaming revenue.
Emperador, the biggest global brandy company and among the fastest-growing Scotch whisky manufacturer, reported a 5 percent increase in revenue to P65.6 billion, driven by the sustained improvement in international whisky sales as Whyte and Mackay’s single malt brands
The Dalmore, Fettercairn, Jura, and Tamnavulin continue to make significant inroads in major markets like Asia (mainly China), North America, and travel retail. Emperador Brandy has also maintained its dominance in the domestic brandy market.
Golden Arches reported a record P42.8-billion in sales, up 24 percent. Even with challenges brought about by higher raw materials cost and operating expenses, the company registered attributable profit of P2.5 billion, higher than the P1.8 billion a year ago as the company ended 2023 with 740 stores.
“For 2024, we look forward to the much-anticipated policy rate cuts as inflation begins to ease, improving the economic and business environment with the resurgence in consumer spending, as well as demand for housing, tourism and staycation activities. Armed with our superior product offerings, AGI is well-positioned to take advantage of these enormous opportunities as they unfold,” Tan said.
