Alliance Global Group Inc., a conglomerate led by businessman Andrew Tan, said Thursday attributable net income reached P16.1 billion in 2022, down 4.7 percent year-on-year as cost pressures affected the company’s margins.
AGI said in a stock exchange filing consolidated revenues jumped 20 percent to P183.6 billion from P152.8 billion the year before.
The conglomerate said cost and expenses grew at a faster rate on increased inflationary pressures, higher cost of raw material and supply chain problems.
Core attributable income, which strips off one-time gains and losses, posted a 7-percent improvement from a year earlier, while reported net income climbed 6 percent year-on-year to P25.2 billion.
“The country’s sustained economic recovery helped propel the sequential topline improvement of all our business segments last year, leading to our record performance in consolidated revenues in 2022,” AGI chief executive Kevin Tan said
“It also helped that our group’s diversified portfolio has remained agile to spot and seize opportunities in the market place,” he said.
AGI has investments in property, development, food and beverage, spirits manufacturing, quick service restaurants, integrated tourism development and infrastructure development.
AGI property unit Megaworld Corp. registered a 17-percent increase in sales to P59.5 billion, while Emperador Inc. booked a 12-percent hike in revenues to P62.8 billion.
Quick service restaurant operator Golden Arches Development Corp., a venture with fast-food tycoon George Yang, more than doubled its attributable profit to P1.8 billion from P869 million as revenues hit a record P34.4-billion.
GADC, which holds the exclusive franchise to operate the McDonald’s restaurants in the Philippines, ended 2022 with 704 stores across the country.
“As we face a challenging global and domestic macro environment, our group remains optimistic of our growth prospects this year, armed with the belief that our sound business strategies, competitive positioning and healthy financial standing will continue to bear us through as we move forward,” Tan said.