Alliance Global Group Inc. (AGI), the holding company of billionaire Andrew Tan, saw profits slip in the January to September period due to the absence of an extraordinary gain, but the group’s core businesses continued to grow.
Net income in the nine months to September shed 0.9 percent to P11.92 billion while revenues jumped 16.7 percent to P128.4 billion.
AGI owns Megaworld Corp., Emperador Inc., Travellers International Hotel Group Inc. and Golden Arches Development Corp. (GADC), which operates the McDonald’s fast-food chain in the country.
“The group managed to sustain its strong core performance as our diversified portfolio continued to seize the various opportunities in the domestic and international markets despite the volatile macro environment,” AGI CEO Kevin Tan said.
“Despite the macro headwinds, we maintain our optimistic outlook as we head toward a further improvement in mobility in time for the fourth quarter holiday spending,” he added.
Travellers, operator of Newport World Resorts (formerly Resorts World Manila) recorded a nonrecurring income of P5.6 billion last year, AGI’s financial statement showed.
The hotel and casino operator booked a core loss of P200 million in the first nine months of 2022, an annual improvement of 94 percent, the report showed.
Meanwhile, Megaworld’s profits during the nine-month period increased 3 percent to P8.4 billion while consolidated revenues climbed 15 percent to P42.5 billion.
Reservation sales, an indicator of future revenues, also surged by 58 percent to P86 billion.
Emperador, the world’s biggest brandy producer, saw profits drop 1.4 percent to P7.2 billion while revenues during the period expanded by 11 percent to P42.6 billion.
“Its whisky segment continued to drive the growth, delivering a 17-percent [annual] jump in revenue, as demand for its single malt brands has remained robust in key markets across the globe, coupled with the return of travel retail,” AGI said.
GADC, a venture with fast-food tycoon George Yang Group, recorded profits of P1 billion, up five times from the previous year. Sales from January to September also jumped 35 percent to P23.9 billion.