Conglomerate Alliance Global Group Inc. (AGI) said Tuesday its attributable net income declined 12 percent in 2024 to P17.2 billion from P19.6 billion in 2023, on weak performance of liquor business and rising costs.
Consolidated revenues, however, climbed 6 percent to a record high of P223.6 billion from P210.8 billion a year ago, driven by sharp increases in real estate sales, mall and office revenues, tourism-related activities and quick service restaurant spend, AGI said in a disclosure to the stock exchange.
AGI said property unit Megaworld Corp. remained the primary driver of revenue and earnings, contributing P81.3 billion in sales while gaming and resort subsidiary Travellers International Hotel Group Inc. delivered P31.7 billion in sales as it benefited from strong growth in non-gaming revenues and mass gross gaming revenues.
Golden Arches Development Corp., the local franchise holder of fast-food chain McDonald’s, maintained solid sales growth, with sales increasing by 12 percent to P48.3 billion, driven by network expansion. However, rising input costs compressed margins.
Liquor firm Emperador Inc. registered lower profit and revenues in 2024 due to softer demand for spirits amid ongoing domestic and global macroeconomic challenges.
Emperador revenues slid by 6 percent to P61.3 billion, while net income declined 27.4 percent to P6.32 billion.
AGI earmarked P63 billion for 2025 capital expenditures, lower by 7.3 percent than P68 billion in actual spending last year.
“AGI is looking at 2025 with cautious optimism amid economic challenges,” it said.
The group said it aimed to take advantage of opportunities in the domestic and global markets, while pursuing cost efficiency measures.
AGI earlier reported plans to extend its P9-billion share buyback program until end-December 2025. The extension is still geared towards enhancing shareholder value.