AGI income down in 2020

MANILA, Philippines — Alliance Global Group Inc. (AGI), the Andrew Tan-led conglomerate, saw its net income drop 62 percent to P10.3 billion in 2020 as the pandemic hit most of its businesses.

Likewise, consolidated revenues slipped 28 percent to P129 billion.

AGI said it would recalibrate its strategies, particularly on market focus of its various companies, with the aim of achieving a ‘more balanced’ portfolio to prepare for a post-pandemic environment that would include shift in market demands and changes in customer behaviors and lifestyles.

“This pandemic really taught us so many lessons as a group and we see this as a perfect opportunity to strengthen our resolve to have a more diversified portfolio that could provide a balanced stream of earnings in a post-pandemic scenario,” said AGI CEO Kevin Tan.

AGI’s businesses include real estate development through property giant Megaworld Corp., spirits manufacturing through Emperador Inc., leisure, entertainment and hospitality through Travellers International Hotel Group Inc., quick service restaurants through Golden Arches Development Corp (GADC) via McDonald’s Philippines and infrastructure development through Infracorp.

Liquor sales of subsidiary Emperador grew 42 percent during the fourth quarter compared to the previous quarter as did sales of McDonald’s Philippines which jumped 36 percent quarter-on-quarter; gaming revenues of Resorts World Manila also grew 33 percent.