Alliance Global Group Inc., the listed holding company of billionaire Andrew Tan, saw net income rise 12 percent in the first six months of 2023, boosted by the strong performance of property and quick service restaurant businesses.
First-half net attributable net income reached P9.2 billion, up from P8.2 billion recorded a year ago, while reported net income jumped 19 percent year-on-year to P14.2 billion.
The company said in a disclosure to the stock exchange Monday consolidated revenues totaled P99.1 billion, up 20 percent from P82.6 billion the year before, driven by the sustained improvement in mobility and discretionary spending which benefitted all business segments.
AGI chief executive Kevin Tan said the group delivered positive first-half results despite global and local economic challenges that affected businesses during the period and the stiffer competition in the market place.
“While there are persistent inflationary pressures, we have remained steadfast in achieving operating efficiencies across all business units. We have also maintained our financial prudence even as we continue with our aggressive expansion plans both here and abroad,” Tan said.
“The group is optimistic that we can weather this through as we remain focused in achieving our growth goals,” he said.
Attributable net profit climbed 5 percent in the second quarter to P4.6 billion as consolidated revenues rose 8 percent to P48.8 billion.
Property unit Megaworld Corp. registered a 34-percent increase in first-half net income to P7.9 billion from P5.9 billion, supported by strong contribution from residential, mall and office leasing businesses.
Liquor firm Emperador Inc. saw its net income decline 9 percent in the first six months to P4.7 billion as rising selling and operating expenses weighed on overall margins.
mperador’s attributable profit fell 23 percent year-on-year to P2.4 billion in the second quarter, as revenues were flat at P15.5 billion.
Golden Arches Development Corp., the local franchise holder of fast-food chain McDonald’s, registered a net income of P972 million, a 27-percent hike from a year ago despite cost pressures.
GADC was operating 702 stores nationwide as of end-June 2023.