Alliance Global Group Inc. (AGI) said Tuesday its nine-month attributable net profit jumped 9 percent to P12.9 billion from P11.9 billion in the same period last year on continued rise in consumer spending and improved economic activity despite prevailing macroeconomic headwinds.
AGI said in a disclosure to the stock exchange its nine-month revenues rose 17 percent to P150.4 billion from P128.4 billion the year before.
Net income for the third quarter stood at P3.7 billion while revenues went up by 12 percent to P51.3 billion.
“The Alliance Global Group has sustained its strong financial and operating performance in the first nine months of the year even in the wake of persistent domestic and global economic challenges,” said AGI chief executive Kevin Tan.
Tan said the company expects a more hectic economic activity in the last quarter to boosted by the holiday spending.
“Given our superior and attractive product offerings, and armed with an indomitable spirit, we hope to end the year on a stronger note regardless of the macro headwinds,” said Tan.
AGI’s property unit Megaworld Corp. delivered nine-month profits of P12 billion, up 43 percent versus P8.4 billion recorded in the same period a year ago.
Megaworld’s consolidated sales increased by 14 percent year-on-year to P48.6 billion on higher residential and leasing revenues.
Liquor unit Emperador Inc. saw its net income for the first nine months of the year dip by 5.5 percent to P6.78 billion due to rising inventory costs, coupled with higher selling and operating expenses.
Revenues, however, rose 10 percent year-on-year to P47.1 billion on as its premium whisky brands have maintained their popularity mainly in Asia and North America.
AGI’s gaming firm Travellers International Hotel Group Inc., returned to profitability with a net income of P773 million, reversing the previous year’s losses of P235 million.
Net revenues reached P23.3 billion in the first nine months of the year, exceeding its pre-pandemic level and reflecting a growth of 27 percent year-on-year.
Golden Arches Development Corp., the Philippine franchise holder of fast-food chain McDonalds, booked net income of P1.47 billion in the first nine months of the year as revenues jumped 28 percent to P30.7 billion.
GADC operates 705 McDonald’s stores nationwide as of end September.