Andrew Tan-led conglomerate Alliance Global Group Inc. (AGI) booked a double-digit growth in its bottom line during the first three months of 2022, helped by the further reopening of the economy.
In a disclosure to the Philippine Stock Exchange on Wednesday, AGI reported a net income of P5.4 billion, up 67% from P3.2 billion a year earlier.
Consolidated revenues rose by 18% to P37.5 billion from P31.8 billion in the same period in 2021.
“AGI continued with its impressive growth momentum in the first quarter of the year as the overall improvement in mobility has allowed all our businesses to perform further closer to pre-pandemic levels – boosting revenues of our lifestyle malls, hotels and our quick service restaurants. This upturn is reflective of the underlying strength in the domestic economy, just waiting to be unleashed,” said Kevin Tan, chief executive officer of AGI.
AGI has various business interests, spanning 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 through Golden Arches Development Corporation (GADC), popularly known as McDonald’s Philippines, in strategic partnership with the George Yang Group; and infrastructure development through Infracorp.
In the first quarter of 2022, Megaworld recorded consolidated revenues of P13.1-billion, as its key business units posted notable year-on-year improvements, according to AGI.
The company reported that Emperador posted consolidated revenues of P12.3-billion, up 2% year-on-year growth, even amid renewed quarantine restrictions across the globe due to the Omicron variant, coupled with challenges in the supply chain.
AGI added that GADC’s attributable net income increased more than three times P258-million in the first quarter this year on the back of consolidated revenues of P7.2-billion, up 27% year-on-year.
“Armed with the learnings we have acquired in the past couple of years, we target to achieve our pre-pandemic performance this year. We remain confident and optimistic of our growth prospects even in the face of current domestic and global headwinds,” said Tan.—LDF, GMA News