Alliance Global Group Inc. (AGI) of businessman Andrew Tan chalked up a net income attributable to parent equity holder of P8.8 billion in the first half of 2024, down 4.7 percent from a year ago.
First-half revenues, however, climbed 8 percent to P107.5 billion from P99.1 billion in the same period last year on higher contribution from property and quick service restaurant businesses, AGI said in a disclosure to the stock exchange Wednesday.
“The Alliance Global Group mustered a strong recovery in the second quarter of the year despite the generally sluggish global economy, as well as the challenges brought about by elevated inflation, interest rates and an unstable currency,“ said AGI president and chief executive Kevin Tan.
“Our performance mirrored the underlying strength of our brands and all our businesses as the group continued to invest in future capacity expansions and execute our strategies as planned. We also focused on implementing enhancements and innovations of our aspirational products and services to address changes in market preferences. We believe that we are in the best position to take advantage of emerging opportunities as the economy continues to recover,” said Tan.
Second-quarter attributable net income amounted to P4.6 billion, nearly flat from P4.56 billion in 2023. Second-quarter consolidated revenue grew 16 percent year-on-year to P56.8 billion.
Megaworld, the country’s premier township developer, continued to lead the group’s performance in the first half as it registered a 22-percent increase in revenue to P39.1 billion from P32.0 billion a year earlier.
Emperador, the biggest global brandy producer and among the fastest-growing Scotch whisky manufacturers, delivered consolidated revenue of P28.6 billion and net income to owners of P3.8 billion.
Travellers International, the group’s leisure and tourism arm and owner/operator of Newport World Resorts (NWR), booked attributable income of P423 million in the second quarter.
Golden Arches Development Corp., the Philippine master franchise holder of McDonalds, grew its sales by 14 percent in the first half of the year to P23 billion.
Despite mounting cost pressures, GADC managed to keep its overall margins stable, prompting its attributable income to reach P1.1 billion, an increase of 11 percent year-on-year.
