Alliance Global Marks Record-breaking PHP30 Billion Net Income In 2023

Tycoon Dr. Andrew L. Tan's holding company Alliance Global Group, Inc. (AGI) marked a record-breaking net income totaling PHP30.3 billion in 2023, representing a 20% uptick year-on-year, with attributable net profit at a new high of PHP19.6 billion, up by 21% from 2022.

The company's consolidated revenues hit an unprecedented level of PHP211.2 billion, reflecting a robust 15% growth from PHP183.6 billion the year before. I Photo: Alliance Global Group

AGI disclosed to the Philippine Stock Exchange (PSE) that it attained this level of significant performance despite higher inflation, which even pushed overall costs and expenses up during the period.

The company's consolidated revenues hit an unprecedented level of PHP211.2 billion, reflecting a robust 15% growth from PHP183.6 billion the year before.

Kevin L. Tan, CEO of AGI, declared, “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."

He added, "Most of our businesses have forged results beyond pre-pandemic levels, even posting new highs in terms of sales, EBITDA, net profit, and all other operating metrics. Such strong performance has encouraged us to carry on with our aggressive business strategies and expansion plans across our diversified portfolio.”

AGI's varied interests include real estate developments through property giant Megaworld Corporation; spirits manufacturing through Emperador Inc.; leisure, entertainment, and hospitality through Travellers International Hotel Group, Inc.; quick-service restaurants (QSR) through Golden Arches Development Corporation (GADC), popularly known as McDonald’s Philippines; and infrastructure development through Alliance Global-Infracorp Development, Inc.

AGI reported that premier township developer Megaworld registered a 17% increase in consolidated revenues to PHP69.7 billion in 2023.

At the same time, Travellers International, the Group’s leisure and tourism arm and owner-operator of Newport World Resorts (NWR), also broke new records in 2023 with net revenues growing by 19% year-on-year to PHP31.9 billion.

Emperador, the biggest global brandy company and among the fastest-growing Scotch whisky manufacturers, reported a 5% increase in consolidated revenues of PHP65.6 billion.

Meanwhile, GADC also sustained its strong growth trajectory in 2023 across all operating levels, attaining a record level of sales revenue of PHP42.8 billion through its network of 740 McDonald’s Philippines stores spread all over the country.

“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 concluded.