Tycoon Andrew Tan-led Alliance Global Group, Inc. reported a consolidated net income of P20 billion for the first nine months of 2024, up 8 percent from last year’s P18.6 billion, with various businesses in its diverse investment portfolio delivering robust results despite economic challenges. In the third quarter alone, net income rose 14 percent to P6.2 billion.
AGI posted consolidated revenue in the January-September period reaching P161.6 billion, a 7 percent increase from P150.4 billion in the same period of 2023.
Kevin L. Tan, AGI president and chief executive officer, attributed the strong performance to higher residential sales in real estate, along with growth in hospitality and quick-service restaurants, despite challenges like inflation and a weaker global economy. “Despite some macro headwinds and a highly competitive landscape, we continue to look at the last quarter of the year with renewed optimism. We believe the seasonal holiday spending, alongside a period of monetary easing, could provide significant opportunities to allow the Group to finish on a strong note,” he said.
The biggest contributor to AGI’s performance was Megaworld Corp., which saw a 14 perent increase in net income to P13.7 billion. Megaworld’s revenue rose by 23 percent year-on-year to P59.8 billion, driven by a 30 percent increase in residential sales, strong project completions, and higher contributions from hotel and mall operations. Its mall business grew 16 percent year-on-year to P4.5 billion, while its hotel revenue expanded by 38 percent to P3.6 billion.
Emperador Inc., the global brandy and Scotch whisky maker, posted revenue of P43.2 billion, though sales in key markets were affected by demand shifts. Its attributable profit stood at P4.8 billion.
Travellers International, AGI’s leisure arm, achieved P29.7 billion in revenue, with growth in tourism and gaming activities.
Golden Arches Development Corp., operator of McDonald’s Philippines, posted P34.6 billion in revenue, a 12 percent increase, despite rising costs.
