Conglomerate Alliance Global Group Inc. said Wednesday net income went up by 92 percent in 2021 to P16.9 billion from a year ago, as core business recovered from the impact of the pandemic.
AGI said in a disclosure to the stock exchange consolidated revenues grew 18 percent year-on-year to P152.6-billion, as the reopening of the economy and lowering of mobility restrictions boosted overall businesses.
AGI chief executive Kevin Tan said the company delivered positive results despite challenging business environment given its diversified portfolio, ability to create opportunities amid adversities and drive for operating efficiencies.
“Our overall margins improved, given the hefty growth in the topline, coupled with our cost-efficiency measures which have remained in place,” Tan said.
The groups’ property unit Megaworld Corp. registered a 36-percent year-on-year increase in attributable net income to P13.4 billion as consolidated revenues rose 25 percent to P50.6 billion.
Liquor firm Emperador Inc. also delivered a net income of P10.8 billion, up 35 percent from the same period last year as sales rose 6 percent to P55.9 billion.
AGI said Emperador’s strong performance was driven by the continued dominance of Emperador Brandy in the domestic brandy market in addition to the strong international whisky and brandy sales particularly in North America, Europe and Asia amid the global pandemic and despite logistical challenges.
Emperador is working on possible dual listing with the Singapore Stock Exchange.
Meanwhile, Golden Arches Development Corp., which operates McDonalds in the country, recorded a 26-percent increase in sales to P24.9 billion with the gradual reopening of the economy.
GADC ended 2021 with 671 McDonald’s stores nationwide.
AGI did not report on the performance of its leisure, entertainment and hospitality business under Travellers International Hotel Group Inc.
“Even as we face a number of hurdles in the global and domestic macro environment, our group remains optimistic on our prospects ahead as we anchor our growth on our strong brand equity, firm market positioning, focused strategies and overall financial strength. We aspire to continue to resume our pre-pandemic growth trajectory as we move forward,” Tan said.
