Tycoon Andrew Tan-led conglomerate Alliance Global Group Inc. (AGI) grew its attributable net profit last year by 5.4 percent to P13.9 billion, driven by higher earnings from liquor unit Emperador Inc.
Excluding nonrecurring items, AGI’s attributable core profit rose by 6.94 percent last year, based on the company’s regulatory filing.
Emperador, now the world’s largest brandy company, boosted its net profit last year by 12.2 percent to P6.96 billion. The acquisition of Scottish whisky maker Whyte & Mackay helped spur growth.
“Our performance remains strong amid challenges that we face. It’s actually an opportunity for us to thrive even more. We simply focus on what we do best and we are very passionate about what we do best,” AGI president Kingson Sian said in a press statement.
Including minority interest, AGI’s net profit rose by 2.73 percent to P21.68 billion. Excluding nonrecurring items, core net profit including minority interest rose by 3.5 percent to P22 billion.
“Attributable” net profit takes into account only the portion of the net income that goes to the equity holders of parent company and excludes minority interest. This has become the standard in reporting a company’s bottom line.
The group ended the year with revenues growing by 11.2 percent to P139 billion, net of P189 million non-recurring gain.
“The group’s financial performance continued to be compelling in spite of the challenges faced by the gaming business,” AGI said.
Golden Arches Development Corp. (GADC), operator and master franchiser of the McDonald’s fast food chain in the Philippines, chalked up P751 million in attributable net profit last year, down from P794 million in the previous year. GADC is the only AGI business not separately listed on the Philippine Stock Exchange.
AGI’s property firm, Megaworld, saw net profit last year increase by 10.58 percent to P10 billion. Gaming arm Travellers International Hotel Group, meanwhile, posted a 26 percent drop in net profit to P4 billion.