By James A. Loyola
Alliance Global Group, Inc. (AGI), the investment holding company of tycoon Dr. Andrew Tan, registered a robust 16 percent growth in net income to P6.5 billion during the first quarter of 2019 from P5.6 billion in the same period last year.
Attributable income stood at P4.4 billion, 21 percent higher than P3.6 billion a year before.
In a disclosure to the Philippine Stock Exchange, the firm said this was achieved as consolidated revenues rose by 19 percent to P41.0 billion from P34.4 billion over the same period last year.
Contributing strongly to the results are township developer Megaworld Corporation, gaming and leisure firm Travellers International Hotel Group, Inc., liquor subsidiary Emperador Inc. and the quick service restaurants (QSR) business under Golden Arches Development Corporation (GADC).
“Our much-improved performance is a testament to our strong brand equity across all our business segments,” said AGI Chief Executive Officer Kevin L. Tan.
He added that, “we will continue to offer our premium products and excellent services to the market as we remain optimistic of the opportunities that lie ahead.”
“We are mindful of the challenges in the external environment, but we will strive to work harder to sustain such good results,” noted Tan.
Megaworld reported attributable net income of P3.8 billion in the first quarter, reflecting a 16 percent expansion from P3.3 billion the year before.
Travellers International recorded a sharp 69 percent increase in EBITDA to P1.4 billion in the first quarter while Emperador’s attributable net income stood at P1.7 billion, up 10 percent from last year’s P1.6 billion.
Emperador President Winston Co said they will continue to take advantage of the premiumization of the market and focus on sales of their global brands, particularly for single malt whiskies which is posting the strongest growth among all product segments.