Alliance Global Group Inc., the listed company that holds the investments of tycoon Andrew Tan, said Monday first-quarter net income rose 20 percent to P4.7 billion as consumer spending grew strongly in spite of rising inflation and challenges to the global economy.
The conglomerate, whose businesses include property developer Megaworld, quick service restaurant McDonalds Philippines, and liquor company Emperador, posted revenues of P50.3 billion in the January-March quarter, up 34 percent from last year’s P37.5-billion as all its major business segments delivered higher results.
“AGI is firing on all cylinders, with all our major business segments registering impressive growth in the first quarter of the year despite nagging concerns on inflation and ongoing global headwinds,” said Kevin Tan, chief exevutive officer of AGI.
“Our businesses continued to take advantage of the resilient consumer demand and economic activity which provided the boost to our lifestyle malls, hotels, integrated resort operations, quick service restaurants, real estate sales and office rentals. Meanwhile, our international spirits business continued to benefit from the increasing popularity of our premium brands across the globe and the resurgence in travel retail,” he added.
AGI also has interest in leisure, entertainment and hospitality through Travellers International Hotel Group Inc., and infrastructure development through Infracorp.
“As a premium lifestyle conglomerate, we believe that our strength lies in our brands which we continue to improve and develop. Our agility and versatility allowed us to quickly adapt to the ever-changing demands of the market. With this, we maintain our optimistic view of our growth prospects moving forward,” CEO Tan said.
Megaworld has reported a 33 percent growth in first-quarter net income at P4.1 billion on strong real estate sales and hotel operations.
Emperador got a strong boost from sales in China and North America to record a 10 percent growth in first-quarter net income of P2.3 billion.
Golden Arches, which holds the McDonalds franchise in the Philippines, increased first-quarter net income by 62 percent to P419 million on double-digit growth in sales due to strong consumer spending.
