Alliance Global Group Inc. (AGI), the holding firm of businessman Andrew Tan, on Thursday said its income for 2019 grew 15 percent to P27.1 billion, from the previous year’s P23.7 billion.
Revenues rose at the same pace to P180 billion, from the previous P156.8 billion.
“Our much-improved performance last year has placed the AGI Group on a strong and healthy financial footing that served us well during this time of the coronavirus pandemic,” Kevin L. Tan, the company’s CEO, said.
“This has also allowed the AGI Group to quickly respond to the fight against the Covid-19 pandemic where we have released a total of P1.1 billion in donations and financial assistance to various institutions, local government units, hospitals, and other partner beneficiaries,” Tan added.
“Now that the economy has slowly opened up from the government-imposed restrictions, the AGI group has also been at the forefront in providing a safer, better and more secure environment for our employees, tenants, customers, home dwellers, communities and other stakeholders.”
Megaworld Corp., Tan’s property developer, chalked-up attributable net income of P17.9 billion last year, an 18-percent increase from the previous P15.2 billion.
Travellers International Hotel Group Inc., the owner and operator of Resorts World Manila, posted an attributable net income of P945 million in 2019, down 35 percent from P1.44 billion during the previous year.
Consolidated net revenues grew 38 percent to P28.3 billion, from the previous P20.6 billion, but this was offset by higher costs and expenses related to its new gaming and non-gaming facilities in RWM, in addition to increased interest charges.
Gross gaming revenues went up by 38 percent to P27.6 billion, due mainly on the faster recovery in its VIP segment, overall improvement in volume and hold rates, and record level foot traffic to the complex.
Emperador Inc., the liquor maker popular for its cheap brandy of the same name, recorded core attributable profit of P7 billion in 2019, almost flat from P6.7 billion the year before. Consolidated revenues rose by 10 percent year-on-year to P51.6 billion, driven by its continued dominance in the brandy market, and increasing contribution from its whiskey business.
Golden Arches Development Corp., which AGI owns 49 percent and the rest by the George Yang Group, reported attributable net income growth of 15 percent year-on-year to P1.9 billion in 2019, already adjusted with the Philippine Financial Reporting Standards (PFRS) 16. Before such adjustment, GADC net income should have grown by 18 percent as consolidated revenues grew 13 percent to P32 billion.
Same-store sales growth stood at 5.8 percent, an improvement from 4 percent in 2018.
GADC, which holds the exclusive franchise to operate restaurants in the Philippines under the McDonald’s brand, closed the year with 669 stores, from 620 stores the previous year.