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Business

Alliance Global nets 67% more in Q1

Iris Gonzales - The Philippine Star

MANILA, Philippines — Andrew Tan-led Alliance Global Group Inc. (AGI) reported a net income of P5.4 billion in the first quarter, up 67 percent from P3.2 billion the previous year.

The company is targeting to return to pre-pandemic performance this year.

“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.

Net income to owners rose 52 percent to P3.9 billion  while revenues increased by 18 percent to P37.5 billion.

AGI chief executive officer  Kevin Tan said the company continued with its growth momentum on the back of relaxed mobility measures which allowed  businesses to perform further closer to pre-pandemic levels.

Revenues of AGI, lifestyle malls, hotels and quick service restaurants improved.

“This upturn is reflective of the underlying strength in domestic economy, just waiting to be unleashed,” Tan said.

AGI has interests in  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), popularly known as McDonald’s Philippines, and infrastructure development through Infracorp.

Megaworld’s net income reached P3.1 billion,  30 percent higher than a year ago  while Emperador recorded a  net income of P2.1 billion or  almost flat.

GADC’s  earnings rose to P258 million while consolidated revenues grew by 27 percent to  P7.2 billion.

The company ended the quarter with 675 McDonald’s stores.

GADC, led by its chairman and founder George Yang, is a long-term partnership with AGI and holds the exclusive franchise to operate restaurants in the Philippines under the McDonald’s brand.

ANDREW TAN

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