Alliance Global Group Inc. (AGI), the holding firm of businessman Andrew Tan, said its income for the first quarter rose 67 percent to P5.4 billion from last year’s P3.2 billion, as most of its business returned to almost pre-pandemic levels.
Consolidated revenues grew at a slower rate by 18 percent to P37.5 billion from last year’s P31.8 billion.
“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 domestic economy, just waiting to be unleashed,” Kevin Andrew L. Tan, the company’s CEO, said.
AGI’s operation include real estate developer Megaworld Corp., liquor maker Emperador Inc., the de-listed gaming and hotel operator Travellers International Hotel Group Inc. and fast food restaurant operator Golden Arches Development Corp., which owns the master franchise of McDonald’s in the Philippines.
Emperador reported a flat attributable income for the period at P2.09 billion from last year’s P2.08 billion. The company said it had consolidated revenues of P12.3 billion, registering a mere 2 percent growth from the previous year.
“The revenue growth in the first quarter again proves that the overall demand for Emperador’s products remains strong as markets around the world continue to seek out the brands under Emperador’s large brandy and whisky portfolio. The brandy segment was more impacted by rising costs. We managed to keep gross margin and net profit robust amidst inflationary pressures,” said Emperador President Winston S. Co.
Golden Arches, which is being operated by the George Yang group, said its attributable net income more than tripled to P258 million for the period from last year’s P73 million. Consolidated revenues rose 27 percent to P7.2 billion from last year’s P5.7 billion.
The company ended the quarter with 675 McDonald’s stores.
AGI did not disclose the income of Travellers Group.
“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,” Tan said.