MANILA, Philippines — Alliance Global Group Inc. (AGI) of billionaire Andrew Tan recorded a 20-percent increase in earnings last year to a “record-breaking” P30.3 billion, from P25.2 billion in 2022, on the strong performance of its business units.
“This was achieved even amid heightened competition in the domestic and global market, various macro challenges in some key markets, rising cost pressures, and higher interest rates,” AGI CEO Kevin Tan said in a statement on Tuesday.
The holding company’s consolidated revenues likewise expanded by 15 percent to P211.2 billion.
AGI currently has interests in real estate via Megaworld Corp., spirits through Emperador Inc., leisure and hospitality through Travellers International Hotel Group Inc., quick service restaurants via Golden Arches Development Corp. (GADC), and infrastructure development through Alliance Global-Infracorp Development Inc.
Megaworld registered a 17-percent growth in revenue to P69.7 billion, driven by a 16-percent increase in real estate sales and a recovery in Megaworld Lifestyle Malls revenues.
READ: Property, food units lift Alliance Global income
Stable consumer spending amid economic recovery likewise pushed higher occupancy rates in Megaworld’s office spaces, malls, and Metro Manila hotels.
The revenue of Travellers International, owner and operator of Newport World Resorts, also surged by 19 percent to P31.9 billion, riding on the resurgence of tourism and meetings, incentives, conferences, and exhibition activities.
Emperador, meanwhile, reported a 5-percent rise in revenues to P65.5 billion due to better international whisky sales.
GADC, also known as McDonald’s Philippines, saw record sales revenue at P42.8 billion, up from P34.4 billion in 2022, as consumer spending grew.
“For 2024, we look forward to the much-anticipated policy rate cuts as inflation begins to ease, improving the economic and business environment with the resurgence in consumer spending, as well as demand for housing, tourism, and staycation activities,” Kevin Tan said.