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Alliance Global’s 9-month profit up 7%

/ 05:22 AM November 15, 2019

Alliance Global Group Inc. (AGI), the flagship property, consumer and fast-food holding company of  billionaire Andrew Tan, said nine-month 2019 earnings went up on the strength of its core businesses.

AGI said January to September net income grew by 7 percent to P112.8 billion while total revenue went up 17 percent to P127 billion.

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For the third quarter alone, net income increased by 12 percent to P4.7 billion as revenue jumped 19 percent to P44.2 billion.

AGI cited strong contributions from business units Megaworld Corp., gaming and leisure operator Travellers International Hotel Group Inc., liquor subsidiary Emperador Inc., and Golden Arches Development Corp. (GADC), which held the exclusive franchise to operate the McDonald’s fast-food chain in the Philippines.

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“We continue to work hard to deliver the strong performance across all our business segments,” Kevin L. Tan, CEO at AGI, said in a statement.

“We undertake product innovations, capacity expansions and even pursue digital transformations in order  to further strengthen our diversified portfolio in this fast-changing market,” Tan added.

We believe these deliberate strategies will soon bear fruit, allowing our group to show accelerated growth in future earnings,” he said.

Megaworld reported an attributable profit of P12.8 billion, up 14 percent, during the nine-month period. Revenue rose 17 percent to P48.1 billion.

Travellers International, owner and operator of Resorts World Manila (RWM), recorded a sharp 49-percent increase in consolidated net revenue to P16.4 billion from P10.9 billion. Its net income stood at P786 million.

Emperador, the world’s biggest brandy producer, saw a net income of P5.3 billion, up 3 percent, while revenue amounted to P33.8 billion, up 11 percent.

GADC posted a net income of P1.2 billion, an 18-percent increase. Revenue was also up 14 percent to P23 billion.

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GADC continued to pursue its store expansion program, bringing its total store count to 652 by end-September, increasing from 620 stores in end-2018. Already, 106 of these McDonald’s stores are in the NXTGEN format.

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TAGS: Alliance Global Group Inc. (AGI), Andrew Tan, net income
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