Tycoon Andrew Tan-led Alliance Global Group Inc. (AGI) continued to surpass its pre-pandemic performance with its net income in the first six months of 2023 growing by 19% to P14.2 billion from its year-ago level of P12.0 billion.
Photo Insert: The robust figures were achieved as consolidated revenues recorded a robust growth of 20% to P99.1 billion from P82.6 billion the year before, driven by the sustained improvement in mobility and discretionary spending which benefited all of its business segments.
This was achieved as consolidated revenues recorded a robust growth of 20% to P99.1 billion from P82.6 billion the year before, driven by the sustained improvement in mobility and discretionary spending which benefited all of its business segments.
Attributable profit amounted to P9.2-billion, 12% higher than P8.2 billion recorded in the same period of last year. In the second quarter of 2023, consolidated revenues rose by 8% year-on-year (YoY) to P48.8 billion, while net income went up by 7% YoY to P7.1 billion.
Attributable profit stood at P4.6 billion, reflecting an increase of 5% YoY. “The Alliance Global Group delivered another strong interim financial and operating performance even amidst the global and local economic challenges that affected all businesses during the period and the stiffer competition in the marketplace,“ says Kevin L. Tan, chief executive officer, AGI.
"The Group has proven its tenacity in trying to beat industry metrics as we aspire to be always a step ahead of the race through our creative offerings and active engagement in the market. It also helped that consumer spending has been healthy while mobility continues to improve,” continues Tan.
“While there are persistent inflationary pressures, we have remained steadfast in achieving operating efficiencies across all business units. We have also maintained our financial prudence even as we continue with our aggressive expansion plans both here and abroad.
In the first half of the year, Megaworld registered a 34% improvement in net income to P7.9 billion from P5.9 billion the year before. Its consolidated revenues increased by 17% YoY to P32.0 billion, with its real estate sales contributing 60% of the total, or P19.1 billion, up 12% YoY.
Emperador recorded a flattish YoY growth in consolidated revenues to P15.5 billion, while its attributable profit fell by 23% YoY to P2.4 billion.
GADC maintained its upward sales trajectory when it posted total revenues of P10.2 billion in the second quarter of 2023, reflecting an increase of 25% YoY, bringing its first-half tally 31% higher to P20.2 billion from P15.4 billion the year before.
McDonald’s Philippines, the country’s most dynamic quick-service restaurant operator has maintained its relevance in the highly-competitive consumer market with its creative product offerings and pricing.
However, increased cost pressures have weighed on overall margins, capping its net income growth in the second quarter this year to 9% YoY to P554 million, bringing its first half total to P972 million, still reflecting a 27% YoY increase from its level the year before.
GADC ended the period with 702 stores nationwide. The Andrew Tan conglomerate has 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, which is a strategic partnership with the George Yang Group; and infrastructure developments through Alliance Global - Infracorp Development, Inc.