AGI ALSO HITS RESET BUTTON
Alliance Global Group, Inc. (AGI) has joined other conglomerates in hitting the reset button in its business activity as it has pushed accelerating its innovation and digital transformation strategies, to confront what it termed as the new reality.
“This pandemic is accelerating our digitalization efforts across our businesses that involve investments in e-commerce applications, interactive customer service management, and contactless online transactions, among others. ,” said Kevin L. Tan, AGI CEO.
“This should help us navigate the business environment and provide our customers with the enhanced services they need under the new reality,” he added.
With varied interests spanning real estate developments through property giant Megaworld Corporation; leisure, entertainment and hospitality through Travellers International Hotel Group, Inc.; spirits manufacturing through Emperador Inc.; quick service restaurants through Golden Arches Development Corporation (GADC), popularly known as McDonald’s Philippines; and infrastructure developments through Infracorp, AGI remains optimistic that it can hurdle the challenges brought about by the coronavirus pandemic.
Last year, AGI reported a record profit of P27.1-billion in 2019, reflecting a growth of 15% from P23.7-billion the year before. The Group’s stellar performance came on the back of a 15% improvement in consolidated revenues to P180-billion from P156.8 billion the year before.
Net income to owners during the year stood at P17.7-billion, up 17% from last year’s P15.1 billion. “Our much-improved performance last year has placed the AGI Group on a strong and healthy financial footing that served us well during this time of the coronavirus pandemic,” according to Tan.
AGI also ended 2019 with a consolidated net debt-to-equity ratio of 49%, among the lowest gearing in the industry. “This has also allowed the AGI Group to quickly respond to the fight against the COVID-19 pandemic where we have released a total of P1.1-billion in donations and financial assistance to various institutions, local government units (LGUs), hospitals, and other partner beneficiaries,” adds Tan.
Earlier during the Enhanced Community Quarantine (ECQ), AGI and its subsidiaries contributed P110- million to Project Ugnayan of the Philippine Disaster Resilience Foundation, and another P66-million in donations to various LGUs and other organizations that support pandemic frontliners as well as poor communities during the crisis.