Alliance Global Group Inc. (AGI), the listed holding company of billionaire Andrew Tan, on Friday reported an attributable net income of P13 billion in the first nine-months of 2024 on strong contribution from real estate unit.
Consolidated nine-month revenues rose 7.4 percent to P161.6 billion from P150.4 billion, AGI said in a disclosure to the stock exchange.
“AGI’s healthy topline performance in the first three quarters of the year was largely driven by significant increases in residential sales in the real estate business, coupled with rising contribution from its hospitality segment and quick-service restaurants. The growth was achieved despite challenges brought about by generally elevated inflation and weaker global economy,” said AGI president and chief executive Kevin Tan.
AGI’s attributable profit jumped 14 percent in the third quarter to P4.2 billion from P3.68 billion a year earlier.
Property unit Megaworld Corp. saw its net income increase 14 percent in the first nine months to P13.7 billion from P12 billion the year before.
Megaworld’s consolidated revenue grew 23 percent year-on-year to P59.8 billion, boosted by stronger real estate sales as well as the sustained improvement in the contribution from its hotel and mall operations, while office rentals remained steady.
Liquor unit Emperador Inc. saw its nine-month net income decline 28.5 percent year-on-year to P4.67 billion, while third-quarter net profit plunged to P980 million from P2.05 billion.
Emperador’s consolidated revenue in the first three quarters of the year reached P43.2 billion, as the group’s brandy segment was affected by the general weakness in demand in key markets like Spain, Mexico and the Philippines, with consumers shifting to value brands.
The Scotch Whisky segment was also weighed down by the tough trading situation in China and in the US which impacted category sales in the Asia-Pacific and North American regions.
Travellers International, the group’s leisure and tourism arm and owner/operator of Newport World Resorts, recorded total gross revenues of P29.7 billion in the first nine months of the year as gross gaming revenues hit P24.3 billion while hotel and other revenues amounted to P5.4 billion.
Golden Arches Development Corp., which holds the exclusive franchise to operate restaurants in the Philippines under the ‘McDonald’s’ brand, registered sales of P34.6 billion in the first nine months of 2024, up 12 percent from a year ago.
“Despite some macro headwinds and a highly competitive landscape, we continue to look at the last quarter of the year with renewed optimism. We believe the seasonal holiday spending, alongside a period of monetary easing, could provide significant opportunities to allow the Group to finish on a strong note,” said Tan.
