Andrew Tan holding firm posts 20% growth in Q1 profit
MANILA -Alliance Global Group Inc. (AGI), the flagship holding company of billionaire Andrew Tan, saw profits jump 20 percent to P4.7 billion during the first quarter of the year.
Revenues from January to March also rose 34 percent to P50.3 billion as ““all its major business segments delivered creditable results”.
“Our businesses continued to take advantage of the resilient consumer demand and economic activity which provided the boost to our lifestyle malls, hotels, integrated resort operations, quick service restaurants, real estate sales and office rentals,” Kevin Tan, CEO at AGI, said in a statement on Monday.
“Meanwhile, our international spirits business continued to benefit from the increasing popularity of our premium brands across the globe and the resurgence in travel retail,” he added.
AGI owns property giant Megaworld Corp., global hard liquor company Emperador Inc., casino operator Travellers International Hotel Group Inc. and Golden Arches Development Corp., the operator of McDonald’s Philippines.
Megaworld ended the first quarter with a net income of P4.1 billion, up 33 percent, as revenues climbed 24 percent to P16.2 billion. Real estate sales expanded by 17 percent to P9.4 billion while rentals surged.
Emperador’s net income grew 10 percent to P2.3 billion during the first quarter while revenues climbed 23 percent to P15.6 billion.
Brandy sales rose 28 percent, partly due to price increases, while whisky sales grew 28 percent during the period.
Golden Arches, a venture with fast food tycoon George Yang, said net income surged 62 percent to P419 million while revenues rose 38 percent to P9.9 billion during the quarter.
The company also grew gross profit by 37 percent despite inflationary pressures, AGI noted.
Golden Arches ended the quarter with 703 McDonald’s stores nationwide.