Alliance Global Group Inc. (AGI), the holding company of billionaire Andrew Tan, saw profits tumble from January to September due to a lack of extraordinary earnings, but the group’s core businesses continued to grow.
Net income in the nine months to September fell 0.9% to 11.92 billion pesos while revenue jumped 16.7% to 128.4 billion pesos.
AGI owns Megaworld Corp., Emperador Inc., Travelers International Hotel Group Inc. and Golden Arches Development Corp. (GADC), which operates the McDonald’s fast food chain in the country.
“The group managed to maintain its strong core performance as our diversified portfolio continued to seize the various opportunities in domestic and international markets despite the volatile macro environment,” said AGI CEO Kevin Tan.
“Despite the macro headwinds, we maintain our bullish outlook as we head for further mobility improvement in time for fourth quarter holiday spending,” he added.
Travelers, operator of Newport World Resorts (formerly Resorts World Manila) recorded non-recurring revenue of P5.6 billion last year, according to AGI’s financial statements.
The hotel and casino operator recorded a basic loss of 200 million pesos in the first nine months of 2022, an annual improvement of 94%, according to the report.
Meanwhile, Megaworld’s profits in the nine-month period rose 3% to 8.4 billion pesos while consolidated revenue climbed 15% to 42.5 billion pesos.
Reservation sales, an indicator of future revenue, also jumped 58% to 86 billion pesos.
Emperador, the world’s largest brandy producer, saw profits fall 1.4% to 7.2 billion pesos while revenue during the period rose 11% to 42.6 billion pesos.
“Its whiskey segment continued to drive growth, growing 17% [annual] increased revenue as demand for its single malt brands remained robust in key markets around the world, coupled with the return of travel retail,” AGI said.
GADC, a venture with fast-food tycoon George Yang Group, posted profits of 1 billion pesos, five times more than the previous year. Sales from January to September also jumped 35% to 23.9 billion pesos.
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