By James A. Loyola
Alliance Global Group, Inc. (AGI), the investment holding company of tycoon Andrew L. Tan, reported a hike in consolidated net income to P23.7 billion last year from P22.3 billion in 2017.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues in 2018 ended the year at P160.7-billion, reflecting a 14 percent increase from P141.3 billion a year ago.
“This is a milestone performance for AGI and proves that our aggressive expansion strategies which we started implementing across our various business segments about five years ago have begun to bear fruit,” said AGI Chief Executive Officer Kevin L. Tan.
He added that, “now, all our major business segments are contributing strongly to the Group’s growth. We look forward to sustaining this momentum in the coming years.”
Tan said AGI is allocating P85 billion for capital expenditures this year, a significant increase from the P70 billion in actual expenditures in 2018.
About 90 percent of this year’s budget will fund the expansion projects of Megaworld Corporation and Travellers International Hotel Group Inc.
“We remain unrelenting in our expansion plans as we view with optimism the country’s economic prospects despite some temporary challenges,” said Tan.
Megaworld posted another record year in 2018 as attributable net income reached P15.2 billion, reflecting an increase of 16 percent from P13.1 billion in 2017.
“We are very pleased with Megaworld’s performance, and will continue to buttress its position as the country’s leader in township developments, as well as its prime mover position in providing office spaces for the growing BPO sector,” said Tan.
Travellers recorded an attributable net income of P1.4 billion, up sharply from P290 million a year before, while Emperador Inc. reported that attributable net income rose by 5 percent to P6.7 billion.
Golden Arches Development Corporation (GADC) reported attributable net income of P1.6 billion in 2018 on sales revenues of P28.3 billion. Same-store sales growth reached 4.0 percent.